EDMONTON, AB, April 22, 2021 /CNW/ - AutoCanada Inc.
("AutoCanada" or the "Company") (TSX: ACQ) is pleased
to announce that it has closed its previously announced private
placement offering (the "Offering") of senior notes. The
Offering consisted of an additional $125
million aggregate principal amount of its existing 8.75%
senior unsecured notes due February 11,
2025 (the "Notes") at a price of 106.625% plus
accrued interest from and including February
11, 2021, which was increased from the initial offering size
of $100 million. Upon closing of the
Offering, the total principal amount of the 8.75% Senior Notes due
February 11, 2025 outstanding is
$250 million.
As previously announced, proceeds of the Offering will be used
by the Company to reduce the outstanding balance under its
syndicated credit facility and for general corporate purposes,
including acquisitions.
About AutoCanada
AutoCanada is a leading North American multi-location automobile
dealership group currently operating 66 franchised dealerships,
comprised of 27 brands, in eight provinces in Canada as well as a group in Illinois, USA. AutoCanada currently sells
Chrysler, Dodge, Jeep, Ram, FIAT, Alfa Romeo, Chevrolet, GMC,
Buick, Cadillac, Ford, Infiniti,
Nissan, Hyundai, Subaru, Audi, Volkswagen, Kia, Mazda,
Mercedes-Benz, BMW, MINI, Volvo, Toyota, Lincoln, Honda and Porsche branded vehicles.
Additionally, the Company's Canadian operations segment currently
operates one used vehicle dealership supporting the Used Digital
Retail Division, and two stand-alone collision centres (within our
group of 17 collision centres). In 2020, our dealerships sold
approximately 66,000 vehicles and processed over 756,000 service
and collision repair orders in our 1,098 service bays generating
revenue in excess of $3 billion.
Forward Looking Statements
Certain statements contained in this press release are
forward-looking statements and information (collectively
"forward-looking statements"), within the meaning of the applicable
Canadian securities legislation. We hereby provide cautionary
statements identifying important factors that could cause our
actual results to differ materially from those projected in these
forward-looking statements. Any statements that express, or involve
discussions as to, expectations, beliefs, plans, objectives,
assumptions of future events or performance (often, but not always,
through the use of words or phrases such as "will likely result",
"are expected to", "will continue", "is anticipated", "projection",
"vision", "goals", "objective", "target", "schedules", "outlook",
"anticipate", "expect", "estimate", "could", "should", "plan",
"seek", "may", "intend", "likely", "will", "believe", "shall" and
similar expressions) are not historical facts and are
forward-looking. In particular, this press release contains
forward-looking statements with respect to, among other things, the
use of net proceeds of the Offering.
The forward-looking statements included in this press release
are not guarantees of future performance and should not be unduly
relied upon. Readers are cautioned that forward-looking statements
are based on current expectations, estimates and projections that,
by their nature, involve a number of known and unknown risks and
uncertainties, which could cause actual results to differ
materially from those anticipated and described in the
forward-looking statements.
Forward-looking statements involve estimates and assumptions
and are subject to risks, uncertainties and other factors some of
which are beyond our control and difficult to predict. Accordingly,
actual results or outcomes may differ materially from those
expressed in the forward-looking statements. In particular, in
presenting its forward-looking statements, AutoCanada has made
assumptions respecting, amongst other things, the relative
stability of general North American economic conditions.
AutoCanada cautions that the foregoing list of assumptions,
risks and uncertainties is not exhaustive. The Company's Annual
Information Form and other documents filed with securities
regulatory authorities (accessible through the SEDAR website at
www.sedar.com) describe the risks, material assumptions and other
factors that could influence actual results and which are
incorporated herein by reference. The forward-looking statements
contained in this press release speak only as of the date hereof
and AutoCanada assumes no obligation to publicly update or revise
them to reflect new events or circumstances, except as may be
required pursuant to applicable securities laws.
Additional Information
Additional information about AutoCanada is available at the
Company's website at www.autocan.ca and www.sedar.com.
SOURCE AutoCanada Inc.