Group 1 gets $250 million bridge loan commitment for Prime Auto buy

By Sara Rosenberg

New York, Sept. 13 – Group 1 Automotive Inc. has received a commitment for a $250 million unsecured bridge loan to support its acquisition of Prime Automotive Group for about $880 million, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Wells Fargo Bank committed to provide a portion of the debt financing.

The company plans to ultimately fund the acquisition with cash, available lines of credit and debt financing.

Group 1 is a Houston-based owner and operator of automotive dealerships and collision centers. Prime Automotive is a Westwood, Mass.-based owner and operator of automotive dealerships.

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