Penske Automotive Group Announces
$550 Million Senior Subordinated Notes Offering
BLOOMFIELD HILLS, MI, August 4, 2020 – Penske Automotive Group, Inc., (NYSE:PAG) a diversified international transportation services company, today announced that it intends to offer $550 million aggregate principal amount of fixed rate Senior Subordinated Notes due 2025 (the “2025 Notes”), subject to market and other customary closing conditions, pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission (“SEC”).
The company intends to use the net proceeds of this offering to redeem its $550 million 5.75% Senior Subordinated Notes due 2022 on October 1, 2020. In the interim, we intend to repay amounts outstanding under our U.S. credit agreement, to repay various floor plan debt, and for general corporate purposes.
This offering is being made solely by means of a prospectus supplement and accompanying prospectus, which has been filed with the SEC. A copy of the prospectus for the offering may be obtained on the SEC’s website, www.sec.gov. Alternatively, you may request it by contacting BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attn: Prospectus Department, or by email at dg.prospectucs_requests@bofa.com, J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, Attn: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, or telephone: 1-866-803-9204 or Wells Fargo Securities, LLC, 550 S. Tryon Street, 5th Floor, Charlotte, NC 28202 Attn: Leveraged Syndicate or email IBCMDCMLSHYLeveragedSyndicate@wellsfargo.com or by facsimile at (704) 410-4874 (with such fax to be confirmed by telephone to (704) 410-4885).
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, and shall not constitute an offer, solicitation or sale in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful.
Safe Harbor Statement
