[144] Shift4 Payments, Inc. SEC Filing

Rhea-AI Filing Summary

Credit Acceptance Corp. (NASDAQ: CACC) has filed an 8-K announcing execution of the Fourteenth Amendment to its $― revolving secured line of credit with Comerica Bank and a syndicate of lenders. The sole material change is an extension of the revolving period by 12 months—from 22 Jun 2027 to 22 Jun 2028. All other economic covenants, collateral requirements and pricing terms remain unchanged. As of the amendment date (24 Jun 2025), the Company had no outstanding borrowings under the facility, leaving the entire committed capacity available as contingent liquidity. The amendment appears to be routine and does not create additional debt; rather, it preserves an existing liquidity back-stop for a longer horizon. A related press release (Ex. 99.1) and the amended agreement (Ex. 4.155) were filed concurrently.

The filing does not disclose the credit line’s current size, pricing grid, or covenant thresholds, and it contains no earnings guidance, financial results, or changes in strategy. Therefore, the immediate market impact is expected to be modest, though the extension modestly strengthens the Company’s liquidity profile and financial flexibility.

Positive

• Revolver maturity extended to 22 Jun 2028, enhancing liquidity visibility by an additional year.
• No balance outstanding at signing, leaving full borrowing capacity available.

Negative

• Limited tenor increase (only 12 months), providing modest rather than long-term improvement.
• No disclosure of facility size or pricing, limiting transparency for investors.

Insights

Financial Analyst

TL;DR: One-year credit line extension; liquidity preserved, no new debt—neutral to mildly positive.

The amendment simply rolls the credit facility’s termination date forward 12 months. Because the line was undrawn at signing, there is no incremental leverage or interest expense. This is a standard treasury action that slightly de-risks refinancing needs and supports future working-capital or ABS-warehousing flexibility. The lack of other term changes suggests continued lender confidence. Impact on valuation is minimal unless the company anticipates heavier credit-line usage ahead, which is not indicated here.

Credit & Risk Specialist

TL;DR: Facility maturity pushed to 2028, lowering short-term liquidity risk; credit profile incrementally safer.

From a risk standpoint, extending the revolver by a year reduces rollover exposure and signals stable banking relationships—important for a specialty auto-finance lender reliant on capital markets. No balance outstanding means current liquidity headroom is intact. Given the evergreen nature of revolver renewals, the move is positive but not transformational; covenant stability also indicates no deterioration in credit metrics. I view the disclosure as incrementally positive for bondholders and rating agencies.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Class A Common Stock	Merrill Lynch 225 Liberty St Floor 37 New York NY 10281	2957	295700.00	67471184	06/30/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Class A Common Stock	06/10/2023	Vesting of restricted stock unit award	Shift4 Payments, Inc.			1200	06/10/2023	Granted as part of issuer equity compensation plan
Class A Common Stock	06/10/2025	Vesting of restricted stock unit award	Shift4 Payments, Inc.			1757	06/10/2025	Granted as part of issuer equity compensation plan

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Sarah Goldsmith-Grover 3501 CORPORATE PARKWAY CENTER VALLEY PA 18034	Class A Common Stock	06/12/2025	1000	94530.00

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What material event did Credit Acceptance Corp. (CACC) report in its 8-K?

The company executed the Fourteenth Amendment to its Sixth Amended and Restated Credit Agreement, extending the revolver’s maturity to 22 Jun 2028.

Does the amendment increase Credit Acceptance’s debt levels?

No. The credit line was undrawn on 24 Jun 2025, so the amendment adds liquidity without raising outstanding debt.

How long was the revolving period extended for CACC’s credit facility?

Exactly one year, from 22 Jun 2027 to 22 Jun 2028.

Were any other terms of the credit agreement changed?

The filing states no other material changes to the facility’s terms.

Why is extending a revolving credit facility important for CACC investors?

It preserves access to committed liquidity, reducing refinancing risk and supporting the company’s ability to fund loan originations if capital markets tighten.

Where can investors find the full amended credit agreement?

It is filed as Exhibit 4.155 to the 8-K.

Did CACC issue a press release about the amendment?

Yes, the press release is filed as Exhibit 99.1 and dated 24 Jun 2025.