Group 1 Prices Senior Notes

By Staff Writer August 06, 2020

Group 1 Automotive Inc., an international, Fortune 500 automotive retailer, announced the pricing of its private placement of $550 million in aggregate principal amount of its 4.000 percent senior unsecured notes due 2028. The offering is expected to close on Aug. 17, 2020, subject to customary closing conditions.

The company intends to use the net proceeds from the offering, together with cash on hand, to redeem all of the outstanding 5.000 percent Senior Notes due 2022 and pay all fees and expenses related to this offering. The company expects to redeem all of the outstanding 2022 notes on Sept. 2, 2020, at a redemption price equal to 100.000 percent of the principal amount thereof, together with accrued and unpaid interest thereon, to the Redemption Date, subject to the completion of the offering. Wells Fargo Bank, National Association, as trustee and paying agent, distributed a notice of conditional redemption to all registered holders of the 2022 notes this week.

The notes have not been, and will not be, registered under the Securities Act of 1933, as amended, or any state securities laws, and thus, the notes may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The notes have been offered to persons reasonably believed to be qualified institutional buyers in an offering exempt from registration pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside of the United States in compliance with Regulation S under the Securities Act. This announcement shall not constitute an offer to sell or a solicitation of an offer to buy any of these notes or any security, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful.

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Last modified on Thursday, 06 August 2020 14:44

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