National Auto Credit Inc., a leading provider of cash advances to dealers in the used car industry, said it had completed its previously announced private debt offering.

The company said it had issued $45 million principal amount of 7.66% unsecured senior notes with an average term of five years.

The private debt offering was managed by Prudential Securities and rated "BBB" by Duff & Phelps Credit Rating Co.

The company also announced that it has entered into an unsecured revolving credit agreement for $97.5 million co-agented by First Chicago NBD Corp. and J.P. Morgan & Co.

Proceeds from the senior note offering and revolving credit facility will supply National Auto Credit the funds to meet the planned growth of its receivables portfolio.

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