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Group 1 closes $1.8 billion five-year revolving syndicated facility
By Sarah Lizee
Olympia, Wash., June 27 – Group 1 Automotive, Inc. completed a $1.8 billion five-year revolving syndicated credit facility with 23 financial institutions that will expire in June 2024 and can be expanded to $2.1 billion total availability, according to a press release.
The syndication was arranged through U.S. Bank NA, JPMorgan Chase Bank, NA, BofA Securities, Inc., and Wells Fargo Securities, LLC.
The revolving facility will provide $1.44 billion for inventory floorplan financing. The facility will also provide $360 million for working capital, acquisitions and general corporate purposes, of which up to $125 million can be borrowed in either euros or pounds sterling.
New vehicle and used vehicle floorplan interest rates are at one-month Libor plus 110 basis points and one-month Libor plus 140 bps, respectively.
Lenders in the syndicated facility include four manufacturer-affiliated finance companies and 19 commercial banks.
The manufacturer-affiliated finance companies are Mercedes-Benz Financial Services USA LLC, Toyota Motor Credit Corp., BMW Financial Services NA, LLC and American Honda Finance Corp.
The commercial banks are U.S. Bank, Bank of America, NA, JPMorgan Chase, Wells Fargo Bank, NA, Comerica Bank, BBVA USA, Branch Banking & Trust, MassMutual Asset Finance LLC, TD Bank, NA, Bank of the West, KeyBank NA, NYCB Specialty Finance Co., LLC, Capital One NA, PNC Bank, NA, Barclays Bank plc, Zions Bancorp., NA (Amegy Bank), Ally Bank, Amarillo National Bank and Bank of Oklahoma.
Group 1 is a Houston-based owner and operator of automotive dealerships, franchises and collision service centers.
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