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Group 1 closes $2 billion five-year revolving syndicated facility
By Wendy Van Sickle
Columbus, Ohio, March 9 – Group 1 Automotive, Inc. completed a $2 billion five-year revolving syndicated credit facility with 21 financial institutions that will expire in March 2027 and can be expanded to $2.4 billion total availability, according to a press release and an 8-K filing with the Securities and Exchange Commission.
The syndication was arranged through U.S. Bank NA, JPMorgan Chase Bank, NA, BofA Securities, Inc., PNC Capital Markets LLC and Wells Fargo Securities, LLC as co-lead arrangers and joint bookrunners.
The revolver will provide $1.65 billion for inventory floorplan financing. The facility will also provide $349 million for working capital, acquisitions and general corporate purposes, of which up to $150 million can be borrowed in either euros or pounds sterling.
New vehicle and used vehicle floorplan interest rates are at SOFR plus 10 basis points CSA plus 110 bps and 140 bps, respectively.
The acquisition line will have interest based on SOFR plus 100 to 200 bps, depending on the company’s leverage ratio.
The commitment fee is between 15 bps and 40 bps for the acquisition line.
The floorplan loan has a commitment fee of 15 bps.
Lenders in the syndicated facility include six manufacturer-affiliated finance companies and 15 commercial banks.
Syndication agents are JPMorgan Chase Bank, NA, Bank of America, NA, Wells Fargo Bank, NA and PNC Bank, NA.
The administrative agent is U.S. Bank NA. Comerica Bank is the floor plan agent.
Truist Bank is the documentation agent.
Group 1 is a Houston-based owner and operator of automotive dealerships, franchises and collision service centers.
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