Group 1 gets $950 million revolver

By Sara Rosenberg

New York, Dec. 19 - Group 1 Automotive Inc. closed on a new $950 million five-year revolving credit facility, according to a company news release.

JPMorgan acted as the lead bank on the deal.

All in all, 16 financial institutions participated in the revolver - JPMorgan, Comerica Bank, Bank of America, Wachovia Bank, Sovereign Bank, BNP Paribas, U.S. Bank, Key Bank, SunTrust Bank, Wells Fargo Bank, Fifth Third Bank, Bank of Oklahoma, Amarillo National Bank, Toyota Motor Credit Corp., Nissan Motor Acceptance Corp. and BMW Financial Services NA LLC.

There is a $300 million accordion feature.

Seventy-five percent of the revolver will be available for vehicle inventory floor plan financing, with the remaining 25% available for working capital, including acquisitions.

Group 1 is a Houston-based company that operates in the automotive retailing industry.

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