Credit Acceptance Corp. Files $300 Million Shelf Registration for Debt Issuance.SOUTHFIELD, Mich.--(BUSINESS WIRE)--July 3, 1997--Credit Acceptance Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CACC CACC Center for Animal Care and Control CACC Canadian Association for Community Care CACC Central Alabama Community College CACC Chilterns Association of Camera Clubs (United Kingdom) ) announced today that, on July 2, 1997 it filed a $300,000,000 shelf registration with the Securities and Exchange Commission for the public issuance of unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. securities. The senior notes have been assigned a rating of "Baa3" by Moody's Investors Services Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. and "BBB-" by Standard & Poor's. Proceeds will be primarily used to repay indebtedness under the company's bank revolving credit agreement Revolving credit agreement A legal commitment in which a bank promises to lend a customer up to a specified maximum amount during a specified period. revolving credit agreement See line of credit. and for other general corporate purposes. A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A prospectus may be obtained from Christine Kelly at William Blair & Co., 222 West Adams Street, Chicago, IL 60606. -0- Credit Acceptance Corp. is a specialized financial services company which provides funding, receivables management, collection, sales training and related products and services to automobile dealers selling vehicles to consumers with limited access to traditional sources of consumer credit. CONTACT: Credit Acceptance Corp. Douglas W. Busk busk intr.v. busked, busk·ing, busks To play music or perform entertainment in a public place, usually while soliciting money. , 810/353-2700 ext. 432 |
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