BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--
Penske
Automotive Group, Inc., (NYSE: PAG), an international automotive
retailer, today announced that it has given notice to holders of the
$63,324,000 outstanding principal amount of its 3.5% Senior Subordinated
Convertible Notes due 2026 (the "Notes") that the Company is redeeming
(the “Redemption”) all of the Notes at a redemption price of 100% of the
principal amount of the Notes, plus accrued and unpaid interest to, but
excluding June 25, 2012 (the “Redemption Date”).
In lieu of surrendering Notes for redemption, Note holders may elect to
convert the Notes at any time prior to the close of business on June 21,
2012, which is the second business day prior to the redemption date,
based on a conversion rate of 42.7796 shares of the Company’s common
stock per $1,000 principal amount of the Convertible Notes (which is
equal to a conversion price of approximately $23.38 per share). The
$63.3 million principal amount of the Notes will be paid in cash, and
the conversion premium, if any, will be paid in cash or stock, at the
Company’s election in accordance with the terms of the indenture
governing the Notes. The conversion agent is The Bank of New York Mellon
Trust Company, N.A.
The Company’s notice to holders specifying the terms, conditions and
procedures for the redemption and/or conversion is available through The
Depository Trust Company and the paying agent, The Bank of New York
Mellon Trust Company, N.A.
The address of The Bank of New York Mellon Trust Company, N.A., is Bond
Redemption Unit, 111 Sanders Creek Parkway, East Syracuse, New York
13057, Attention: Mr. Dan Donovan, Phone: (312) 827-8547, Fax:
(312) 827-8542. E-mail: dan.donovan@bnymellon.com
This press release is for informational purposes only and is not an
offer to purchase, or the solicitation of an offer to sell, the Notes.
ABOUT PENSKE AUTOMOTIVE GROUP
Penske
Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan,
operates 337 retail automotive franchises, representing 40 different
brands and 29 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 167 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.
Penske Automotive Group, Inc.
David K. Jones
Executive Vice
President and
Chief Financial Officer
248-648-2800
dave.jones@penskeautomotive.com
or
Penske
Automotive Group, Inc.
Anthony R. Pordon
Executive Vice
President Investor Relations
and Corporate Development
248-648-2540
tpordon@penskeautomotive.com
Source: Penske Automotive Group, Inc.