Penske Automotive Group PAG 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 “Securities Act”).
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.
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