Cravath represented the initial purchasers, led by Wells Fargo Securities, BMO Capital Markets and Credit Suisse, in connection with the $400 million Rule 144A high?yield senior notes offering of Credit Acceptance Corporation, a leading independent auto finance company.
Credit Acceptance Corporation provides financing programs, and related products and services to independent and franchised automobile dealers in the United States. The company advances money to dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps various amounts collected from the consumers.
The Cravath team included partner Bill Whelan (Picture) and associates Holden K. Sumner and Katharine A. Patterson on securities matters, and associate Leon B. Dalezman on tax matters.
Law Firms: Cravath Swaine & Moore;