Group 1 Automotive readies $200 million add-on to 4% notes due 2028

Chicago, Oct. 6 – Group 1 Automotive Inc. intends to offer $200 million of additional notes that will form a single series with the $550 million 4% notes due 2028 that were offered on Aug. 17, 2020, according to a press release.

Proceeds from the Rule 144A and Regulation S offering will be used to fund a portion of the acquisition of Prime Automotive Group, or if the acquisition is not completed, for general corporate purposes, which may include debt repayment.

Group 1 is buying Westwood, Mass.-based Prime Automotive Group for $880 million, according to an 8-K filing with the Securities and Exchange Commission.

In September, the company received a $250 million bridge loan to support its acquisition, as reported by Prospect News.

Group 1 is a Houston-based operator of automotive dealerships and 48 collision centers.

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