BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--Sep. 27, 2012--
Automotive Group, Inc. (NYSE: PAG), an international automotive
retailer, today announced that it has completed the redemption of its
outstanding 7.75% Senior Subordinated Notes due 2016 (the “2016 Notes”).
Approximately $57.3 million in aggregate principal amount of the 2016
Notes had remained outstanding and were redeemed at a price of
103.875%, plus accrued and unpaid interest to, but excluding, September
Previously, the Company had completed a tender offer for approximately
85%, or $317.7 million aggregate principal amount, of the 2016 Notes
using proceeds from the Company’s $550 million 5.75% Senior Subordinated
Notes offering which was completed on August 28, 2012. The remaining
proceeds from that offering were used to repay amounts outstanding under
the Company’s U.S. revolving credit facility and floorplan borrowings.
About Penske Automotive
Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan,
operates 339 retail automotive franchises, representing 40 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 169 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, 248-648-2800
Vice President and
Chief Financial Officer
Automotive Group, Inc.
Anthony R. Pordon, 248-648-2540
Vice President Investor Relations
and Corporate Development