Southfield, Michigan, April 8, 2013 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (NASDAQ: CACC) (referred to as the "Company", "Credit Acceptance", "we", "our", or "us") announced today that 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 have informed the Company that they intend to commence an underwritten public offering of 1,500,000 shares of the Company's common stock. The Company will not sell any shares in the offering and will not receive any proceeds from the offering.
BofA Merrill Lynch and Credit Suisse are acting as joint book-running managers for the offering, with BMO Capital Markets acting as a co-manager. The underwriters will have a 30-day option to purchase up to an additional 225,000 shares from the selling shareholders.
The offering will be made pursuant to an automatic shelf registration statement filed today with the Securities and Exchange Commission. A prospectus supplement relating to the offering will be filed with the Securities and Exchange Commission. Copies of the prospectus supplement and the accompanying prospectus, when available, can be obtained from BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attention: Prospectus Department or email email@example.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: firstname.lastname@example.org.
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 is being 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 Source:Credit Acceptance Corporation