Group 1 Automotive Announces $1.25 Billion Senior Notes Offering
Group 1 Automotive Inc., a Fortune 250 automotive retailer with operations in the U.S. and U.K., announced plans to issue $625 million of senior unsecured notes due in 2032 and another $625 million due in 2035, totaling $1.25 billion. The proceeds will be used primarily for its acquisition of dealership assets from Hennessy Automobile Companies, Inc., along with related fees and expenses. The company intends to use the funds pending the closing of the acquisition to repay a portion of borrowings under its revolving credit facility. If the acquisition is not completed by January 6, 2027 or an extended deadline, Group 1 will be required to redeem all outstanding 2032 Notes at par plus accrued interest and use remaining proceeds for repayment and general corporate purposes. The offering is exempt from registration under U.S. securities laws and targets qualified institutional buyers in the U.S., as well as non-U.S. investors, through Regulation S.
Tickers: $GPI
Topics: acquisition bond_issue corporate_finance