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| CACC > SEC Filings for CACC > Form 8-K on 31-Aug-2009 | All Recent SEC Filings |
31-Aug-2009
Entry into a Material Definitive Agreement, Creation of a Direct Financial
The information set forth below under Item 2.03 is hereby incorporated by reference into this Item 1.01.
On August 31, 2009, Credit Acceptance Corporation (the "Company') executed the First Amendment to Loan and Security Agreement ("Revolving Warehouse Amendment"), dated as of August 31, 2009 among the Company, CAC Warehouse Funding III, LLC, Fifth Third Bank, and Relationship Funding Company, LLC. The Revolving Warehouse Amendment increases the amount of the facility from $50.0 million to $75.0 million. In addition, the expiration of the revolving period on the facility was extended from May 23, 2010 to August 31, 2011 and the maturity of the facility was extended from May 23, 2011 to August 31, 2012. Finally, the interest rate was increased from a floating rate equal to Libor plus 177.5 basis points to Libor plus 375.0 basis points. There were no other material changes to the terms of the facility.
The Revolving Warehouse Amendment is attached as Exhibit 4(f)(122) to this Form 8-K and incorporated herein by reference. The Warehouse Amendment is also summarized in a press release issued by the Company on August 31, 2009, which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
On August 31, 2009, the Company issued a press release announcing the execution of the Revolving Warehouse Amendment. The press release is attached as Exhibit 99.1 to this Form 8-K and incorporated herein by reference.
(d) Exhibits.
4(f)(122) First Amendment to Loan and Security Agreement, dated as of August 31, 2009 among the Company, CAC Warehouse Funding III, LLC, Fifth Third Bank and Relationship Funding Company, LLC.
99.1 Press Release dated August 31, 2009.
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