HOUSTON, Sept. 2, 2020 /PRNewswire/ -- Group 1
Automotive, Inc. (NYSE: GPI), ("Group 1" or the "Company"), an
international, Fortune 500 automotive retailer, today announced
that it has completed the redemption of all of its outstanding
5.000% senior notes due 2022 (CUSIP No. 398905 AK5) (the "2022
Notes").
The redemption was funded from the proceeds of the Company's
recently completed offering of $550
million aggregate principal amount of 4.000% senior notes
due 2028 ("2028 Notes") and cash on hand. This transaction will
lower annual interest expense by approximately $5.5 million.
"We are pleased that Group 1 has been able to materially lower
future interest expense by refinancing the 2022 Notes with the
proceeds from the 2028 Notes and cash on hand at a much lower
interest rate," said Daniel McHenry,
Group 1's senior vice president and chief financial officer.
"This transaction also allows the Company to extend the debt
maturity from 2022 to 2028. We are very appreciative of our
bank partners who made this refinance possible."
ABOUT GROUP 1 AUTOMOTIVE, INC.
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, the Company 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.
Investors please visit www.group1corp.com, www.group1auto.com,
www.group1collision.com, www.facebook.com/group1auto, and
www.twitter.com/group1auto, where Group 1 discloses additional
information about the Company, its business, and its results of
operations.
Investor contacts:
Sheila Roth
Manager, Investor Relations
Group 1 Automotive, Inc.
713-647-5741 | sroth@group1auto.com
Media contacts:
Pete DeLongchamps
Senior V.P. Manufacturer Relations, Financial Services and Public
Affairs
Group 1 Automotive, Inc.
713-647-5770 | pdelongchamps@group1auto.com
or
Clint Woods
Pierpont Communications, Inc.
713-627-2223 | cwoods@piercom.com
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SOURCE Group 1 Automotive, Inc.