DriveTime Automotive Group, Inc. And Bridgecrest Acceptance Corporation Announce Expiration And Final Results Of Their Previously Announced Tender Offer For Up To $50 Million Of Their Outstanding 8.00% Senior Secured Notes Due 2021

TEMPE, Ariz., June 29, 2020 /PRNewswire/ -- DriveTime Automotive Group, Inc. and Bridgecrest Acceptance Corporation (f/k/a DT Acceptance Corporation) (together "DriveTime") announced today the expiration and final results of their previously announced cash tender offer (the "Tender Offer") to purchase up to $50,000,000 aggregate principal amount outstanding of their 8.00% Senior Secured Notes due 2021 (CUSIP Nos. 26209NAK9 and U26449AE5) (the "Notes").  The Tender Offer expired at 11:59 p.m., New York City time, on June 26, 2020 (the "Expiration Date"). 

On June 16, 2020, DriveTime purchased $8,932,000 aggregate principal amount of the Notes, which were validly tendered and not validly withdrawn prior to 5:00 p.m., New York City time, on June 12, 2020, which was the initial early tender deadline (the "Initial Early Tender Deadline").  DriveTime expects to accept for purchase an additional $7,000 aggregate principal amount of Notes that were validly tendered after the Initial Early Tender Deadline and on or prior to the Expiration Date.  Drivetime expects the final payment date to occur on June 30, 2020 (the "Final Payment Date") for these additional Notes.

DriveTime will pay all holders whose Notes were validly tendered after the Initial Early Tender Deadline and on or prior to the Expiration Date and are accepted for purchase an amount equal to $940.00 for each $1,000 principal amount of the Notes, which amount includes an early tender premium of $30.00 for each $1,000 principal amount of Notes validly tendered by such holder.  In addition, holders that validly tendered after the Initial Early Tender Deadline and on or prior to the Expiration Date and whose Notes are purchased in the Tender Offer will receive accrued and unpaid interest on such Notes to, but not including, the Final Payment Date.  The Tender Offer will not be subject to proration.

DriveTime engaged Wells Fargo Securities, LLC to serve as dealer manager for the Tender Offer, and D.F. King & Co., Inc. to serve as the tender agent and information agent for the Tender Offer. 

The complete terms and conditions of the Tender Offer are described in the Offer to Purchase, dated June 1, 2020, as amended by the related press release, dated June 15, 2020 (the "Offer to Purchase"), copies of which may be requested by contacting D.F. King & Co., Inc by telephone at (212) 269-5550 (collect, for banks or brokers) or (800) 398-1247 (toll-free, for all others) or by e-mail at [email protected]. Questions regarding the Tender Offer may be directed to Wells Fargo Securities, LLC at (704) 410-4759 (collect) or (866) 309-6316 (U.S. toll-free). 

This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell the Notes.  The Tender Offer was made solely by means of the Offer to Purchase, which sets forth the complete terms and conditions of the Tender Offer.

About DriveTime

DriveTime is making a difference in the lives of customers by providing the vehicle to empower the customer on their road to success.  Headquartered in Tempe, Arizona, DriveTime is one of the nation's largest vehicle retailers with a primary focus on the sale and financing of used vehicles and related products.  DriveTime's unique fully integrated business model of company-owned dealerships nationwide and loan servicing centers provide our customers with a comprehensive end-to-end solution for their automotive needs.  DriveTime is transforming the buying and financing of a used vehicle with a fair and transparent experience focused on matching the right customer with the right vehicle under the right financing terms.

This release contains forward-looking statements with respect to the timing and principal amount of debt securities to be purchased in the Tender Offer, including certain terms and conditions of the Tender Offer. By their nature, forward-looking statements are subject to numerous assumptions, risks, and uncertainties. A number of factors could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. These factors include, but are not limited to, those that may be set forth in the Offer to Purchase. Actual results, performance or achievement could differ materially from those contained in these forward-looking statements for a variety of reasons. Other unknown or unpredictable factors also could have a material adverse effect on our business, financial condition and results of operations.

Any forward-looking statement speaks only as of the date on which such statement is made, and DriveTime undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

Contacts

Mary Leigh N. Phillips 
Chief Financial Officer 
(602) 667-2502
[email protected]

Daniel Gaudreau
Treasurer
(602) 667-2502
[email protected]

SOURCE DriveTime Automotive Group, Inc.