BLOOMFIELD HILLS, Mich., May 11,
2016 /PRNewswire/ -- Penske Automotive Group, Inc.
(NYSE: PAG), an international transportation services company,
today announced the pricing of $500.0
million aggregate principal amount of fixed rate Senior
Subordinated Notes due 2026 (the "2026 Notes") at 5.5%. The
sale of the 2026 Notes, which is subject to customary closing
conditions, is expected to be completed on May 25, 2016.
The company intends to use the net proceeds of this offering to
repay amounts currently outstanding under the company's U.S. credit
agreement and floor plan debt and for general working capital
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 Merrill Lynch, Pierce, Fenner
& Smith Incorporated at dg.prospectus_requests@baml.com or
calling toll-free 1-800-294-1322, J.P. Morgan Securities LLC at c/o
Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NJ 11717 or call
866-803-9204 or Wells Fargo Securities, LLC, at Attn: Client
Support, 608 2nd Avenue, South
Minneapolis, MN 55402, calling toll free at (800) 645-3751,
Option 5, or by emailing wfscustomerservice@wellsfargo.com.
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
This press release contains
forward-looking statements regarding the company's proposed
offering of the 2026 Notes. The forward-looking statements in this
release are based on information available at the time the
statements are made and/or management's belief as of that time with
respect to future events and involve risks and uncertainties that
could cause actual results and outcomes to be materially different.
These factors include, but are not limited to, successful
negotiation of definitive documentation for the financing
arrangement and satisfaction or waiver of all conditions to
closing. The consummation of the transaction may also be impacted
by the other risks and uncertainties detailed in the company's
filings with the SEC. While the company may elect to update
forward-looking statements in the future, it specifically disclaims
any obligation to do so, and therefore, you should not rely on
these forward-looking statements as representing our views as of
any date subsequent to today.
About Penske Automotive
Penske Automotive Group, Inc.,
(NYSE:PAG) headquartered in Bloomfield
Hills, Michigan, is an international transportation services
company that operates automotive and commercial truck dealerships
principally in the United States,
Canada and Western Europe, and distributes commercial
vehicles, diesel engines, gas engines, power systems and related
parts and services principally in Australia and New Zealand. PAG employs
more than 22,000 people worldwide and is a member of the Fortune
500 and Russell 2000.
Inquiries should
contact:
|
|
|
J. D. Carlson
Executive Vice President and
Chief Financial
Officer
Penske Automotive
Group, Inc.
248-648-2810
jcarlson@penskeautomotive.com
|
Anthony R. Pordon
Executive Vice President Investor Relations and Corporate
Development
Penske Automotive
Group, Inc.
248-648-2540
tpordon@penskeautomotive.com
|
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SOURCE Penske Automotive Group, Inc.