Group 1 to pay down revolver using proceeds from new senior notes

By Marisa Wong

Madison, Wis., May 12 - Group 1 Automotive, Inc. plans to repay amounts outstanding under the acquisition line of its revolving credit facility using proceeds from an offering of senior notes, according to a press release.

The company announced on Monday that it plans to offer $300 million of senior notes due 2022.

Proceeds from the new notes will also be used to finance the purchase of the company's 3% convertible senior notes due 2020 under a previously announced tender offer, to make a contribution to its floorplan offset account and for working capital and general corporate purposes.

Group 1 is a Houston-based auto dealership and collision services center chain.

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