HOUSTON, Aug. 3, 2020 /PRNewswire/ -- Group 1
Automotive, Inc. (NYSE: GPI) (the "Company"), an international,
Fortune 500 automotive retailer, today announced the pricing of its
private placement of $550 million in
aggregate principal amount of its 4.000% senior unsecured notes due
2028 (the "Notes"). The offering is expected to close on
August 17, 2020, subject to customary
closing conditions.
The Company intends to use the net proceeds from the offering,
together with cash on hand, to redeem all of the outstanding 5.000%
Senior Notes due 2022 (the "2022 Notes") and pay all fees and
expenses related to this offering.
The Company expects to redeem all of the outstanding 2022 Notes
on September 2, 2020 (the "Redemption
Date"), at a redemption price equal to 100.000% of the principal
amount thereof, together with accrued and unpaid interest thereon,
to the Redemption Date, subject to the completion of the offering.
Wells Fargo Bank, National Association, as trustee and paying
agent, distributed a notice of conditional redemption to all
registered holders of the 2022 Notes today.
The Notes have not been, and will not be, registered under the
Securities Act of 1933, as amended (the "Securities Act"), or any
state securities laws, and thus, the Notes may not be offered or
sold in the United States except
pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act and applicable
state securities laws. The Notes have been offered to persons
reasonably believed to be qualified institutional buyers in an
offering exempt from registration pursuant to Rule 144A under the
Securities Act and to non-U.S. persons outside of the United States in compliance with
Regulation S under the Securities Act. This announcement shall not
constitute an offer to sell or a solicitation of an offer to buy
any of these Notes or any security, and shall not constitute an
offer, solicitation or sale in any jurisdiction in which such
offering, solicitation or sale would be unlawful.
ABOUT GROUP 1 AUTOMOTIVE, INC.
The Company owns and operates 186 automotive dealerships, 242
franchises, and 49 collision centers in the
United States, the United
Kingdom and Brazil that offer 31 brands of
automobiles. Through its dealerships, the Company sells new and
used cars and light trucks; arranges related vehicle financing;
sells service contracts; provides automotive maintenance and repair
services; and sells vehicle parts.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995, which are statements related to future, not past, events
and are based on the Company's current expectations and assumptions
regarding the Company's business, the economy and other future
conditions. In this context, the forward-looking statements often
include statements regarding the Company's strategic investments,
goals, plans, projections and guidance regarding the Company's
financial position, results of operations, business strategy, and
often contain words such as "expects," "anticipates," "intends,"
"plans," "believes," "seeks," "should," "foresee," "may" or "will"
and similar expressions. While management believes that these
forward-looking statements are reasonable as and when made, there
can be no assurance that future developments affecting us will be
those that we anticipate. Any such forward-looking statements are
not assurances of future performance and involve risks and
uncertainties that may cause actual results to differ materially
from those set forth in the statements. These risks and
uncertainties include, among other things, (a) general economic and
business conditions, (b) the level of manufacturer incentives, (c)
the future regulatory environment, (d) the Company's ability to
obtain an inventory of desirable new and used vehicles, (e) the
Company's relationship with the Company's automobile manufacturers
and the willingness of manufacturers to approve future
acquisitions, (f) the Company's cost of financing and the
availability of credit for consumers, (g) the Company's ability to
complete acquisitions and dispositions and the risks associated
therewith, (h) foreign exchange controls and currency fluctuations,
(i) the Company's ability to retain key personnel, (j) the impacts
of COVID-19 on the Company's business, (k) the impacts of any
potential global recession and (l) the Company's ability to
maintain sufficient liquidity to operate. For additional
information regarding known material factors that could cause the
Company's actual results to differ from the Company's projected
results, please see the Company's filings with the Securities and
Exchange Commission, including the Company's Annual Report on Form
10-K, Quarterly Reports on Form 10-Q and Current Reports on Form
8-K. Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date hereof.
The Company undertakes no obligation to publicly update or revise
any forward-looking statements after the date they are made,
whether as a result of new information, future events or
otherwise.
Investor contacts:
Sheila Roth
Manager, Investor Relations
Group 1 Automotive, Inc.
713-647-5741 | sroth@group1auto.com
Media contacts:
Pete DeLongchamps
Senior Vice President, Manufacturer Relations, Financial Services
and Public Affairs
Group 1 Automotive, Inc.
713-647-5770 | pdelongchamps@group1auto.com
or
Clint Woods
Pierpont Communications, Inc.
713-627-2223 | cwoods@piercom.com
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SOURCE Group 1 Automotive, Inc.