BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--Aug. 28, 2012--
Automotive Group, Inc. (NYSE: PAG), an international automotive
retailer, today announced that it has completed the previously announced
offering of $550 million aggregate principal amount of 5.75% senior
subordinated notes due 2022 (the “2022 Notes”) in a private offering.
The 2022 Notes were offered to qualified institutional buyers in the
United States pursuant to Rule 144A, and outside the United States
pursuant to Regulation S of the Securities Act of 1933, as amended (the
The Company intends to use the net proceeds of this offering to purchase
any and all of the Company's $375.0 million in principal amount of 7.75%
senior subordinated notes due 2016 (the “2016 Notes”), and to pay fees
and expenses in connection with the offering. The remaining proceeds
from this offering will be used to repay amounts currently outstanding
under the Company’s U.S. credit agreement and, if additional funds are
remaining, its U.S. floor plan borrowings.
The 2022 Notes have not been registered under the Securities Act or the
securities laws of any other jurisdictions, and may not be offered or
sold in the United States absent registration or an applicable exemption
from registration requirements. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy any of the 2022
Notes or the 2016 Notes, nor shall it constitute an offer, solicitation
or sale in any jurisdiction in which such offer, solicitation or sale is
About Penske Automotive
Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan,
operates 340 retail automotive franchises, representing 41 different
brands and 30 collision repair centers. Penske Automotive, which sells
new and previously owned vehicles, finance and insurance products and
replacement parts, and offers maintenance and repair services on all
brands it represents, has 170 franchises in 17 states and Puerto Rico
and 170 franchises located outside the United States, primarily in the United
Kingdom. Penske Automotive is a member of the Fortune 500 and
Russell 2000 and has approximately 16,000 employees.
Source: Penske Automotive Group, Inc.
Penske Automotive Group, Inc.
David K. Jones
Chief Financial Officer
Automotive Group, Inc.
Anthony R. Pordon
President Investor Relations
and Corporate Development