Simpson Thacher Represents Initial Purchasers in the Sale of $200 Million Senior Notes Due 2022 by Group 1 Automotive, Inc.
09.10.14
This is only gets display when printing
Simpson Thacher represented the initial purchasers, led by joint book-running managers, J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, in the sale of an aggregate principal amount of $200 million of 5.000% Senior Notes due 2022 by Group 1 Automotive, Inc. (the “Company”). The notes are guaranteed on an unsecured senior basis by each of the Company’s existing and future domestic restricted subsidiaries that are guarantors or borrowers under the Company’s Revolving Credit Facility, which includes substantially all of the Company’s existing domestic subsidiaries. The notes were issued as additional notes under an indenture pursuant to which the Company issued $350 million aggregate principal amount of 5.000% Senior Notes due 2022 in June 2014.
The Company intends to use the net proceeds from the offering of the Notes to repay amounts outstanding under the acquisition line of the Company’s Revolving Credit Facility and to make a contribution to the Company’s floor plan offset account.
Group 1 Automotive, Inc. is one of the largest dealership groups in the automotive retail industry in the United States with total revenue for the twelve months ended June 30, 2014 in excess of $9.4 billion. As of June 30, 2014, the Company owned and operated 193 franchises, representing 34 brands of automobiles, at 151 dealership locations as well as 37 collision service centers in the United States, the United Kingdom and Brazil.
The Simpson Thacher team included John D. Lobrano, Katerina Kousoula and Matt Gabbard (Capital Markets); Mickey Baden (Corporate - Houston); Jonathan Cantor and Judy Yan (Tax); David Rubinsky and Alina Finkelshteyn (Executive Compensation and Employee Benefits); and Andrew Pagliughi (Blue Sky).