Financing ·
Group 1 Automotive completed a private offering of $625 million in aggregate principal amount of 6.250% Senior Notes…
GPIGroup 1 Automotive Inc
Group 1 Automotive completed a private offering of $625 million in aggregate principal amount of 6.250% Senior Notes due 2032 and $625 million of 6.625% Senior Notes due 2035, generating net proceeds of approximately $1,236 million after deducting discounts and expenses. The company intends to use these funds, along with existing cash, to finance the acquisition of dealership assets from Hennessy Automobile Companies and pay related fees. Pending the closing of that transaction, proceeds will temporarily repay borrowings under its revolving credit facility. If the Hennessy Acquisition does not close by January 6, 2027, or is terminated, the company must redeem all outstanding 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.