By Paul A. Harris
Portland, Ore., Aug. 3 – Group 1 Automotive Inc. priced a $550 million issue of 4% eight-year senior notes (Ba2/BB+) in a Monday drive-by, according to market sources.
J.P. Morgan Securities LLC was the lead.
The Houston-based operator of automotive dealerships and 49 collision centers plans to use the proceeds to fund the redemption of its 5% notes due 2022.
| Issuer: | Group 1 Automotive Inc.
|
| Amount: | $550 million
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| Tenor: | Eight years
|
| Securities: | Senior notes
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| Lead: | J.P. Morgan Securities LLC
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| Coupon: | 4%
|
| Call protection: | Three years
|
| Trade date: | Aug. 3
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| Settlement date: | Aug. 17
|
| Ratings: | Moody's: Ba2
|
| S&P: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Drive-by
|
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