HOUSTON, April 30,
2024 /PRNewswire/ -- Group 1 Automotive, Inc.
(NYSE: GPI) ("Group 1" or the "Company"), a Fortune 300
automotive retailer with 203 dealerships located in the U.S. and
U.K., today announced that it has completed a $500 million upsize in its revolving syndicated
credit facility to $2.5 billion with
20 financial institutions, which will expire
in March 2027 and can be expanded to $3.0
billion total availability.
Lenders in the syndicated facility include six
manufacturer-affiliated finance companies and 14 commercial
banks. The six manufacturer-affiliated finance companies are:
Mercedes-Benz Financial Services USA LLC; Toyota Motor
Credit Corporation; BMW Financial Services NA, LLC; American Honda
Finance Corporation; VW Credit, Inc.; and Hyundai Capital America,
Inc. The 14 commercial banks are: U.S. Bank National
Association; Bank of America, N.A.; JPMorgan Chase Bank, N.A.;
Wells Fargo Bank, National Association; PNC Bank, National
Association; Comerica Bank; Truist Bank; TD Bank, N.A.;
Ally Bank; NYCB Specialty Finance
Company, LLC; Barclays Bank PLC; Zions Bancorporation, N.A. (dba
Amegy Bank); Santander Bank, N.A.;
and BOKF, NA (dba Bank of Oklahoma). The syndication was arranged
through U.S. Bank National Association, JPMorgan Chase Bank N.A.,
BofA Securities, Inc., PNC Capital Markets LLC, and Wells Fargo
Securities, LLC.
"The expanded revolving facility further strengthens Group 1's
balance sheet by locking in additional capacity of reasonably
priced capital for vehicle financing and acquisition growth,"
said Daniel McHenry, Group 1's senior vice president and chief
financial officer. "The commitments made by our lenders are a
testament to the strong relationships we have established and we
want to thank them for their continued support."
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns
and operates 203 automotive dealerships, 265
franchises, and 43 collision centers in the United States and the United Kingdom that offer 35 brands of
automobiles. Through its dealerships and omni-channel platform, the
Company sells new and used cars and light trucks; arranges related
vehicle financing; sells service and insurance contracts; provides
automotive maintenance and repair services; and sells vehicle
parts.
Group 1 discloses additional information about the Company,
its business, and its results of operations at www.group1corp.com,
www.group1auto.com, www.group1collision.com, www.acceleride.com,
www.facebook.com/group1auto, and
www.twitter.com/group1auto.
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 our current expectations and assumptions regarding
our business, the economy and other future conditions. In this
context, the forward-looking statements may include statements
relating to the credit facility, future financial flexibility and
other initiatives and future business strategy. 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) our ability
to obtain an inventory of desirable new and used vehicles, (e) our
relationship with our automobile manufacturers and the willingness
of manufacturers to approve future acquisitions, (f) our cost of
financing and the availability of credit for consumers, (g) our
ability to complete acquisitions and dispositions, on a timely
basis, if at all and the risks associated therewith, (h) foreign
exchange controls and currency fluctuations, (i) the armed
conflicts in Ukraine and the Middle East, (j) the impacts of any
potential global recession, (k) our ability to maintain sufficient
liquidity to operate, and (l) our ability to successfully integrate
recent and future acquisitions. For additional information
regarding known material factors that could cause our actual
results to differ from our projected results, please see our
filings with the Securities and Exchange Commission, including our
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. We undertake 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:
Terry
Bratton
Manager, Investor Relations
Group 1 Automotive, Inc.
ir@group1auto.com
Media contacts:
Pete
DeLongchamps
Senior Vice President, Manufacturer Relations, Financial Services
and Public Affairs
Group 1 Automotive, Inc.
pdelongchamps@group1auto.com
or
Clint Woods
Pierpont Communications, Inc.
713-627-2223
cwoods@piercom.com
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SOURCE Group 1 Automotive, Inc.