BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--March 16, 2007--United
Auto Group, Inc. (NYSE:UAG), an international automotive retailer,
today announced that is has redeemed its $300 million 9.625% Senior
Subordinated Notes Due 2012 (the "Notes") at a price of 104.813%.
In December 2006, the Company completed a $375 million, 7.75%
Senior Subordinated Note offering with the intention of refinancing
the Notes. The proceeds from the December transaction were temporarily
used to repay amounts outstanding under the Company's revolving credit
agreement in the U.S. and a portion of its U.S. floor plan borrowings.
UnitedAuto funded the $314.4 million aggregate redemption price of the
Notes principally with floor plan borrowings in the U.S.
United Auto Group, Inc., headquartered in Bloomfield Hills,
Michigan, operates 314 retail automotive franchises, representing 41
different brands, and 26 collision repair centers. UnitedAuto, 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 19 states
and Puerto Rico and 145 franchises located outside the United States,
primarily in the United Kingdom. UnitedAuto is a member of the Fortune
500 and Russell 1000 and has nearly 16,000 employees.
CONTACT: United Auto Group, Inc.
Bob O'Shaughnessy, 248-648-2800
Chief Financial Officer
Tony Pordon, 248-648-2540
Senior Vice President
SOURCE: United Auto Group, Inc.