Group 1 Automotive taps revolver to convert, redeem 2.25% convertibles

By Toni Weeks

San Luis Obispo, Calif., Sept. 2 – Group 1 Automotive, Inc. said that it funded the conversion price and redemption of its outstanding $182.8 million of 2.25% convertible senior notes due 2036 with borrowings under the acquisition line of its revolving credit facility.

According to a press release, holders had elected to convert $182.5 million of the notes prior to redemption. The remaining $300,000 of the convertibles will be redeemed Sept. 4.

Group 1 is a Houston-based owner and operator of automotive dealerships, franchises and collision service centers.

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