Group 1 Automotive talks $300 million eight-year notes to yield in 5% area; pricing Friday

By Paul A. Harris

Portland, Ore., May 15 - Group 1 Automotive Inc. talked its $300 million offering of eight-year senior notes (B1/BB) to yield in the 5% area, according to a market source.

The deal is expected to price on Friday.

J.P. Morgan Securities LLC, Wells Fargo Securities LLC and BofA Merrill Lynch are the joint bookrunners for the Rule 144A and Regulation S with registration rights offering.

BBVA and Comerica are the co-managers.

The notes become callable after three years at par plus 75% of the coupon.

The Houston-based auto dealership and collision services center chain plans to use the proceeds to fund the tender offer for its 3% convertible notes and to pay down its revolver.

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