Credit Acceptance Corp. announced that it plans to offer $300 million of senior notes due 2021. The company intend to use the net proceeds from the offering, together with borrowings under the revolving credit facility, to redeem in full the $350.0 million outstanding principal amount of the company's 9.125% first priority senior secured notes due 2017 in accordance with the terms of the indenture governing the 2017 notes.

Pending this application of the net proceeds from the offering, the net proceeds may be invested in short-term investments or applied to repay borrowings under the revolving credit facility without reducing the lenders' commitments thereunder. The notes will be offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the United States pursuant to Regulation S under the Securities Act.