Credit Acceptance Corporation announced it priced the $300 million of its 6.125% senior notes due 2021 in its previously-announced offering. The issue price is 100.000% of the principal amount of the notes. The closing of the sale of the notes is expected to occur on or about January 22, 2014, subject to customary closing conditions.

The company intends to use the net proceeds from the offering, together with borrowings under revolving credit facility, to redeem in full the $350.0 million outstanding principal amount of 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 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 (the "Securities Act"), and outside the United States pursuant to Regulation S under the Securities Act.