Credit Acceptance Corp. intends to redeem all of its outstanding 7.375% senior notes due 2023.
The notes will be redeemed on March 15 at a redemption price equal to 101.844% of their principal amount.
Accrued and unpaid interest on the notes from Sept. 15, 2019, will be paid on March 15 to holders of the securities as of the March 1 interest record date. No additional interest will be payable on the notes. Interest on the notes will cease to accrue on and after the redemption date.
Since March 15 is a Sunday, payment of the redemption price and the interest payable on that date will be made on March 16.