Onyx Acceptance to Offer Stock

Onyx Acceptance Corp., a specialized consumer finance company, filed for an initial public offering of 2.5 million common shares of stock.

The company, which said it expects the shares to come to the market at $11 to $13 each, plans to use the proceeds from the offering to repay debts and for general purposes.

Onyx Acceptance Corp. specializes in automobile financing. Since beginning operations in February 1994, Onyx has expanded from one office to six offices and has purchased more than $285.1 million worth of contracts from 769 dealerships. Onyx plans to open another office soon in California and two additional offices elsewhere on the West Coast. In 1995, the company reported a loss of $3.19 million, or a loss of 50 cents a share, compared with a net loss of $3.5 million in 1994. Onyx’s revenue rose to $2.22 million from $1.31 million.

After the offering, the company will have 6 million common shares outstanding, according to a document filed with the Securities and Exchange Commission.