Credit Acceptance Corp. completes $70,000,000 financing arrangement.SOUTHFIELD, Mich.--(BUSINESS WIRE)--Aug. 29, 1996--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 it has completed the sale of its $70,000,000, 7.99 percent Senior Notes due July 1, 2001 to various insurance companies. The Notes are unsecured and require semi-annual interest payments commencing on Jan. 1, 1997, and annual payments of principal commencing on July 1, 1997. Proceeds of the sale will be 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. . Credit Acceptance Corp. is a specialized financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. 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., Southfield Richard E. Beckman, 810/353-2700, ext. 422 |
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