Credit Acceptance Announces Secondary Offering Price
Credit Acceptance will see big blocks of its shares change hands over the next few days. The company has specified the pricing of a previously announced underwritten public secondary stock common offering of $105.00 per share. Trusts associated with the firm's founder Donald Foss, in combination with Karol Foss and people and entities connected with Prescott General Partners, aim to sell a combined 1.5 million of their shares. Additionally, the underwriters will have a 30-day option to buy up to an extra 225,000 shares.
Credit Acceptance anticipates that the offering will close on April 17. In the press release announcing the pricing, the company stressed that it will not receive any monies from the issue.
The joint book-running managers of the offering are Bank of America unit Merrill Lynch and Credit Suisse's Securities division.
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