Increases Size of Facility and Extends Maturity by Two Years to 2015
BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--Dec. 21, 2011--
Penske Automotive Group, Inc. (NYSE:PAG), an international automotive
retailer, today announced that the Company’s subsidiaries in the U.K.
have entered into a new credit facility with the Royal Bank of Scotland
and BMW Financial Services, which includes a £100 million revolver and a
£10 million demand overdraft line of credit.
“The new credit facility in the U.K. provides sufficient capital to
support continued growth and flexibility in the U.K. and demonstrates
the confidence of our financial partners in the business model,” said
David K. Jones, Executive Vice President and Chief Financial Officer for
Penske Automotive Group. “The new credit facility will be used for
working capital, acquisitions, capital expenditures, investments and
general corporate purposes and replaces an existing £102 million credit
facility with the Royal Bank of Scotland that was scheduled to mature in
November 2013,” added Jones.
About Penske Automotive
Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan,
operates 321 retail automotive franchises, representing 42 different
brands and 28 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 166 franchises in 17 states and Puerto Rico
and 155 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 15,000 employees.
Statements in this press release may involve forward-looking statements,
including forward-looking statements regarding PAG. Actual results may
vary materially because of risks and uncertainties as well as external
factors such as consumer credit conditions, macro-economic factors;
interest rate fluctuations; changes in consumer spending; and other
factors over which management has no control. These forward-looking
statements should be evaluated together with additional information
about PAG’s business, markets, conditions and other uncertainties, which
could affect PAG’s future performance, which are contained in the
Company’s Form 10-K for the year ended December 31, 2010, and its other
filings with the Securities and Exchange Commission and which are
incorporated into this press release by reference. This press release
speaks only as of its date, and Penske Automotive Group, Inc. disclaims
any duty to update the information herein.
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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