HOUSTON, Oct. 6, 2021 /PRNewswire/ -- Group 1
Automotive, Inc. (NYSE: GPI) ("Group 1" or the "Company"),
an international, Fortune 500 automotive retailer, today announced
the pricing of its private placement of an additional $200 million in aggregate principal amount of its
4.000% senior unsecured notes due 2028 (the "New Notes"). The
New Notes will be sold to investors at an offering price of
100.250% of the principal amount, which implies an effective yield
to maturity of approximately 3.957%. The offering is expected to
close on October 21, 2021, subject to
customary closing conditions.
The New Notes are being offered as additional notes to the
$550 million in aggregate principal
amount of its 4.000% senior unsecured notes due 2028 previously
issued by the Company on August 17,
2020 (the "Initial Notes"). The New Notes will have
identical terms as the Initial Notes, other than the issue date,
and the New Notes and the Initial Notes will be treated as a single
class of securities under the indenture.
The Company intends to use the net proceeds of the offering to
fund a portion of the consideration for the acquisition of
substantially all of the assets or equity of the Prime Automotive
Group (the "Prime Acquisition") or, if the Prime Acquisition is not
consummated, for general corporate purposes, which may include the
repayment of existing indebtedness.
The New 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 New 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 New 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 New 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.
Group 1 owns and operates 190 automotive dealerships, 247
franchises, and 48 collision centers in the
United States, the United
Kingdom and Brazil that offer 33 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.
Investors please visit www.group1corp.com, www.group1auto.com,
www.group1collision.com, www.acceleride.com,
www.facebook.com/group1auto, and www.twitter.com/group1auto, where
Group 1 discloses additional information about the Company, its
business, and its results of operations.
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 impacts of COVID-19 on the Company's business, (k) the
impacts of any potential global recession; (l) the Company's
ability to maintain sufficient liquidity to operate; (m) the risk
that the proposed transaction will not be consummated in a timely
manner; (n) risks that any of the closing conditions to the Prime
Acquisition may not be satisfied or may not be satisfied in a
timely manner; and (o) our ability to successfully integrate recent
and future acquisitions.
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
View original
content:https://www.prnewswire.com/news-releases/group-1-automotive-announces-pricing-of-an-additional-200-million-offering-of-its-4-000-senior-notes-due-2028--301394554.html
SOURCE Group 1 Automotive, Inc.