Ideal way to show autocomplete OR add new value option?

I have a field called "Creditor" in my form. The common users of my application are technologically un-savvy employees. The user can either search for an existing creditor to select using an autocomplete field, or they can "Add Creditor" which will show a popup modal where they input name, address, etc.

The attached image shows what I have so far, but I have certain doubts:

• Does my use of the word "OR" properly demonstrate that clicking "Add Creditor" is not part of searching for creditor? I want to make sure that the user does not search for the creditor and then click on the button thinking this will "add" the creditor they just searched for. It should be clear that the autocomplete field and the button are diverging workflow steps.
• Is the use of the magnifying glass icon confusing? It is commonly used to indicate a search box, but can this be used for autocomplete fields? Would it be more confusing to have no icon at all and just keep the placeholder text?
• I would like to save some real-estate, but also keep the button in the same line as the field. Is the "OR" text necessary? Is there a more space-saving way to accomplish this? Is "Add Creditor" the best label for the button, or is "New", "Add", or just the plus icon sufficient?