Onyx Acceptance Expects to Raise $28 Million in Nasdaq Offering

IRVINE — Onyx Acceptance Corp., a specialized consumer finance company, said Monday that it priced its initial offering of 2.5 million shares at $11.50 a share, which would raise $28.75 million. The offering is expected to sell out on the Nasdaq market system today, said John W. Hall, the company’s president.

Prudential Securities Inc. underwrote the offering, which means it has bought the stock to sell to institutional investors and the public.

Onyx, which had expected to sell its stock at $11 to $13 a share, said it will use most of the proceeds to repay $10 million in debt securities and $9.6 million in loans.