Simpson Thacher Represents Banks in Connection with Equity and Debt Tender Offers by AutoNation, Inc.
03.14.06
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The firm is representing the dealer managers in connection with a $1.15 billion common stock issuer tender offer by AutoNation, Inc. and a related issuer debt tender offer and consent solicitation for $323 million principal amount of 9% senior notes due 2008. J.P. Morgan Securities Inc. and Banc of America Securities LLC are the dealer managers for the common stock tender offer and J.P. Morgan Securities Inc. and Wachovia Capital Markets, LLC are the dealer managers for the debt tender offer and solicitation agents for the consent solicitation.
AutoNation, Inc. is America's largest automotive retailer and a component of the Standard and Poor's 500 Index. AutoNation owns and operates 346 new vehicle franchises in 17 states.
The Simpson Thacher team working on the tender offers includes John Lobrano, Scott Fisher, Shailini Rao and Carla Crawford (corporate) and Jonathan Cantor (tax). Jim Buresh, Christian Struck and Max Kirchner are working on amendments to an existing revolving credit facility and a new term loan facility that is expected to provide a portion of the financing required to complete the tender offers.