Credit Acceptance Corporation Completes $115,000,000 Revolving Credit Agreement.SOUTHFIELD, Mich.--(BUSINESS WIRE)--July 31, 1998--Credit Acceptance orporation (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) ) today announced that it has completed a $115,000,000 credit agreement with a group of commercial banks which will replace its current credit facility. Borrowings under the agreement will bear interest at the bank's prime rate or 1.4% over the Eurocurrency rate. The agreement expires on June 15, 1999 and contains a requirement that the company secure the credit agreement debt on an equal and ratable That which can be appraised, assessed, or adjusted through the application of a formula or percentage. Ratable property is that which is taxable or capable of being appraised or assessed. ratable adj. basis with the company's unsecured senior notes by November 30, 1998 with a lien lien, claim or charge held by one party, on property owned by a second party, as security for payment of some debt, obligation, or duty owed by that second party. on most of the company's assets. The company also announced the withdrawal of the SEC registration of its Medium Term Note program. Credit Acceptance Corporation 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 Corporation
Brett A. Roberts, 248/353-2700, Ext. 423
Douglas W. Busk, 248/353-2700, Ext. 432
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