ACC Consumer Finance Corp. completes subordinated notes offering

Business Wire, Nov 21, 1996

SAN DIEGO--(BUSINESS WIRE)--Nov. 21, 1996--ACC Consumer Finance Corp. (NASDAQ:ACCI) Thursday announced that it had completed its offering of $20 million in subordinated notes due Dec. 1, 2003.

The notes carry a coupon of 10.25 percent and were priced at par. The managing underwriters of the offering were McDonald & Co. Securities Inc. and J.C. Bradford & Co., which have been granted a 30-day option to sell up to $3 million of additional notes.

The notes are unsecured, general obligations of ACCI and are subordinated in right of payment to all existing and future senior indebtedness of ACCI. The notes may be redeemed by ACCI at its option on or after Dec. 1, 1999, at specified redemption prices.

The proceeds from the sale of the notes will be used to repay an existing floating-rate subordinated facility and for ACCI's general working-capital purposes.

ACCI specializes in the purchase of automobile installment contracts from franchised dealerships, for consumers who have limited access to traditional sources of financing for their vehicle purchases. The company purchases these contracts through its five regional credit centers, in Atlanta; Dallas; Miami; Newark, Del.; and San Diego.

ACCI currently services contracts in 37 states and actively markets its program to dealerships in Arizona, California, Colorado, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Maryland, Mississippi, Missouri, Nevada, New Jersey, North Carolina, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington and West Virginia.

CONTACT: ACC Consumer Finance Corp., San Diego

Rellen Stewart, 619/793-6300