8-K 1 cacc_8k20190624locextension.htm 8-K Document




UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported):  June 24, 2019

CREDIT ACCEPTANCE CORPORATION
(Exact name of registrant as specified in its charter)

Michigan
 
000-20202
 
38-1999511
(State or other jurisdiction of incorporation)
 
(Commission File Number)
 
(IRS Employer Identification No.)
 
 
 
 
 
  25505 West Twelve Mile Road
 
 
 
 
Southfield, Michigan
 
 
 
48034-8339
  (Address of principal executive offices)
 
 
 
(Zip Code)


Registrant’s telephone number, including area code:   248-353-2700

 
Not Applicable
 
(Former name or former address, if changed since last report.)
 

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading symbol(s)
 
   Name of each exchange on which registered
Common Stock, $.01 par value
 
CACC
 
The Nasdaq Stock Market


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]







Item 1.01 Entry into a Material Definitive Agreement.

The information set forth below under Item 2.03 is hereby incorporated by reference into this Item 1.01.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On June 24, 2019, Credit Acceptance Corporation (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) entered into the Fifth Amendment to Sixth Amended and Restated Credit Agreement (the “Fifth Amendment”), dated as of June 24, 2019, among the Company, Comerica Bank and the other banks signatory thereto (collectively, the “Banks”) and Comerica Bank as administrative agent for the Banks. The Fifth Amendment extended the maturity of our revolving secured line of credit facility with a commercial bank syndicate from June 22, 2021 to June 22, 2022. Following the extension, the amount of the facility is $340.0 million. There were no other material changes to the terms of the facility.

As of June 24, 2019, we had $23.8 million outstanding under the facility.

Item 8.01 Other Events.

On June 24, 2019, we issued a press release announcing the extension of the maturity of our revolving secured line of credit facility. The press release is attached as Exhibit 99.1 to this Form 8-K and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.
Exhibit No.
Description
 
Fifth Amendment to Sixth Amended and Restated Credit Agreement dated as of June 24, 2019 among the Company, Comerica Bank and the other banks signatory thereto and Comerica Bank, as administrative agent for the banks.
 
Press release dated June 24, 2019

 













SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



 
CREDIT ACCEPTANCE CORPORATION
 
 
 
 
 
Date: June 26, 2019
By:
/s/ Douglas W. Busk
 
 
 
Douglas W. Busk
 
 
 
Senior Vice President and Treasurer