Financing ·
Group 1 Automotive announced the pricing of a $1,250 million private placement of senior unsecured notes on September…
GPIGroup 1 Automotive Inc
Group 1 Automotive announced the pricing of a $1,250 million private placement of senior unsecured notes on September 8, 2026. The offering consists of $625 million in 6.250% Senior Notes due 2032 and $625 million in 6.625% Senior Notes due 2035, expected to close on September 22, 2026. Net proceeds are approximately $1,236 million after discounts and expenses. The company intends to use the funds to finance its acquisition of dealership assets from Hennessy Automobile Companies and pay related fees. Pending closing, proceeds will temporarily repay borrowings under its revolving credit facility. If the Hennessy Acquisition does not close by January 6, 2027, the company must redeem the 2032 Notes at par plus accrued interest. Group 1 Automotive operates as a Fortune 250 retailer of new and used vehicles through 249 dealerships in the U.S. and U.K.