June 18, 2009 (FinancialWire) — Credit Acceptance Corp. (NASDAQ: CACC) has extended the maturity of its credit facility with a commercial bank syndicate from June 22, 2010 to June 23, 2011. The amount of the facility was reduced from $153.5 million to $140.0 million.

The interest rate on borrowings under the facility has been increased from the prime rate minus 0.60% or 1.25% over the Eurodollar rate, at the company’s option to the prime rate plus 1.0% or 2.75% over the eurodollar rate, at the company’s option. The eurodollar rate is subject to a floor of 1.50%. In addition, certain financial covenants were modified as follows:

 * The maximum Funded Debt to Tangible Net Worth ratio was reduced from 4.0 to 1.0 to a ratio of 3.25 to 1.0

 * The minimum Fixed Charge Coverage ratio was increased from 1.75 to 1.0 to a ratio of 2.0 to 1.0

 * The minimum Asset Coverage Ratio was increased from 1.0 to 1.0 to a ratio of 1.1 to 1.0

The credit facility continues to be secured by a lien on most of the company’s assets. As of June 15, 2009 the company had $107.6 million outstanding under the agreement.

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