Simpson Thacher Represents Initial Purchasers in Sale of $550 Million Senior Notes Due 2028 by Group 1 Automotive
08.19.20
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Simpson Thacher represented the initial purchasers, led by J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, BofA Securities, Inc. and BBVA Securities Inc., in the sale of an aggregate principal amount of $550 million 4% Senior Notes due 2028 by Group 1 Automotive, Inc. (“Group 1”). The notes are guaranteed on an unsecured senior basis by each of Group 1’s existing and future domestic restricted subsidiaries that are guarantors or borrowers under Group 1’s Revolving Credit Facility, which includes substantially all of Group 1’s existing domestic subsidiaries.
Group 1 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, Group 1 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.
The Simpson Thacher team included Art Robinson, Patrick Baron, Ben Massey and Deul Lim (Capital Markets); Jonathan Cantor and Suzy Yaster (Tax); Jennifer Neilsson (Executive Compensation and Employee Benefits); Michael Isby (Environmental); and Andrew Pagliughi (Blue Sky).