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Credit Acceptance Corporation's High‑Yield Senior Notes Offering

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. Cravath also represented the dealer manager in connection with Credit Acceptance Corporation’s concurrent cash tender offer. The transaction closed on December 18, 2019.

The Cravath team included partner Nicholas A. Dorsey and associate William M. Heisey on securities matters, and associate Jiyeon K. Barta on tax matters. Nastassia Shcherbatsevich also worked on securities matters and Luis Calderon‑Gomez also worked on tax matters.