Asset Acceptance Capital Corp. Announces New Credit Facility

Asset Acceptance Capital Corp. (Nasdaq: AACC), a leading purchaser and collector of charged-off consumer debt, today announced the completion of a new senior secured credit facility. The new facility was led by a syndicate of banks with J.P. Morgan Securities LLC and RBS Citizens N.A. acting as lead arrangers. Berenson & Company, LLC served as the Company’s financial advisor.

Rion Needs, President and Chief Executive Officer, commented, “We are extremely pleased to announce this new credit facility, which substantially improves our financial flexibility, allowing us to further execute on our long-term growth strategy. We now have additional liquidity available to pursue our growth initiatives through expanded purchasing and collections capabilities and a continued focus on enhancing operational efficiencies. Entering into this new credit facility marks another important milestone in the development of our Company, as we continue to drive financial and operational improvement throughout the business and build on the momentum generated in 2011.”

The new credit facility replaces the existing $250.0 million senior secured credit facilities with a new $270.5 million facility, comprised of a $95.5 million senior secured revolving credit facility and a $175.0 million senior secured term loan B facility. The new facility includes an accordion loan feature which permits a $75.0 million credit limit extension, should the Company require additional access to capital to support future operations. The Company’s existing facilities were scheduled to mature in June 2012 (the revolving credit facility) and June 2013 (the term loan B). The new facility is scheduled to mature in November 2016 (the revolving credit facility) and November 2017 (the term loan B).

For more than 45 years, Asset Acceptance has provided credit originators, such as credit card issuers, consumer finance companies, retail merchants, utilities and others an efficient alternative in recovering defaulted consumer debt.