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Friday, 04 September 2020 17:30

Group 1 Automotive Completes Redemption of All Outstanding 5% Senior Notes Due 2022

Group 1 Automotive, Inc., an international, Fortune 500 automotive retailer, announced Sept. 2 it has completed the redemption of all of its outstanding 5% senior notes due 2022.

The redemption was funded from the proceeds of the company's recently completed offering of $550 million aggregate principal amount of 4% senior notes due 2028 and cash on hand. This transaction will lower annual interest expense by approximately $5.5 million.

 

"We are pleased that Group 1 has been able to materially lower future interest expense by refinancing the 2022 notes with the proceeds from the 2028 notes and cash on hand at a much lower interest rate," said Daniel McHenry, Group 1's senior vice president and CFO. "This transaction also allows the company to extend the debt maturity from 2022 to 2028. We are very appreciative of our bank partners who made this refinance possible." 
 
Source: Group 1 Automotive

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