Group 1 to repay revolving credit facility via senior note proceeds

By Tali Rackner

Norfolk, Va., Sept. 4 – Group 1 Automotive, Inc. plans to repay borrowings outstanding under the acquisition line of its revolving credit facility with the proceeds from a senior notes offering, according to a press release.

Proceeds will also be used to make a contribution to its floorplan offset account, which is the amount of excess cash that is used to pay down the floorplan line of its revolving credit facility but can be immediately redrawn.

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

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