Press Releases
Credit Acceptance Announces Closing of Secondary Offering By Selling Shareholders
Southfield, Michigan, April 17, 2013 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (NASDAQ: CACC) (referred to as the "Company", "Credit Acceptance", "we", "our", or "us") announced today the closing of the previously announced underwritten public offering by certain trusts affiliated with the founder and Chairman of the Company Donald A. Foss and Karol A. Foss and certain individuals and entities associated with Prescott General Partners LLC of 1,500,000 shares of the Company's common stock at a price to the public of $105.00 per share. The Company did not sell any shares in the offering and did not receive any proceeds from the offering. The underwriters have a 30-day option to purchase up to an additional 225,000 shares of the Company's common stock from the selling shareholders.
BofA Merrill Lynch and Credit Suisse Securities (USA) LLC acted as joint book-running managers for the offering, and BMO Capital Markets acted as a co-manager.
The offering was made pursuant to an effective shelf registration statement (including a prospectus) filed with the Securities and Exchange Commission (the "SEC") on April 8, 2013. A prospectus supplement relating to the offering has been filed with the SEC. Copies of the prospectus supplement and the accompanying prospectus can be obtained from BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attention: Prospectus Department or email dg.prospectus_requests@baml.com and Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010, via telephone: +1 (800) 221-1037, or by e-mail: newyork.prospectus@credit-suisse.com.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. The offering has been made only by means of a prospectus supplement and accompanying prospectus.
About Credit Acceptance Corporation
Since 1972, Credit Acceptance has offered automobile dealers financing programs that enable them to sell vehicles to consumers, regardless of their credit history. Credit Acceptance is publicly traded on the NASDAQ under the symbol CACC.
CONTACT: Investor Relations: Douglas W. Busk
Senior Vice President and Treasurer
(248) 353-2700 Ext. 4432
IR@creditacceptance.com