Group 1 amends revolver, increasing size by $400 million, extending maturity

By Sara Rosenberg

New York, March 20 - Group 1 Automotive, Inc. amended its revolving credit facility, increasing the size by $400 million to $1.35 billion and extending the maturity by one year to March 2012, according to a company news release.

Of the total amount, $1 billion will be available for vehicle inventory floorplan financing, with the remaining $350 million available for working capital, including acquisitions.

There is a $500 million accordion feature.

In addition, up to half of the working capital line can be borrowed in either euros or pounds.

JPMorgan is the lead bank on the deal.

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

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