Credit Acceptance Corporation announced that it priced $600.0 million aggregate principal amount of its 9.250% senior notes due 2028 in its previously announced offering at an issue price of 100% of the principal amount of the notes. The $600.0 million aggregate principal amount of the notes represents an increase in the offering size from the previously announced $500.0 million. The closing of the sale of the notes is expected to occur on or about December 19, 2023, subject to customary closing conditions.

They intend to use the net proceeds from the offering of the notes (1) to fund (a) concurrent cash tender offer for any and all of $400.0 million outstanding 5.125% senior notes due 2024 (the ?2024 notes?), (b) the redemption, in accordance with the terms of the indenture governing the 2024 notes, of any of the 2024 notes that remain outstanding after completion of the tender offer, and (c) the payment of fees and expenses in connection with the foregoing and (2) for general corporate purposes. Pending this application of the net proceeds from the offering of the notes, the net proceeds may be invested in short-term investments or applied to repay borrowings under revolving credit facility without reducing the lenders? commitments thereunder.