HOUSTON, Aug. 3, 2020 /PRNewswire/ -- Group 1
Automotive, Inc. (NYSE: GPI) (the "Company"), an
international, Fortune 500 automotive retailer, today announced
that, subject to market conditions, it intends to offer for sale
$550 million in aggregate principal
amount of senior unsecured notes due 2028 (the "Notes"). 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 and pay all fees and expenses related to this
offering.
The Notes to be offered have not been, and will not be,
registered under 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 are being offered to persons
reasonably believed to be qualified institutional buyers in an
offering exempt from registration pursuant to Rule 144A under the
Securities Act of 1933, as amended (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.