AutoNation buys back almost $233 million notes in 2008

By Angela McDaniels

Tacoma, Wash., Feb. 17 - AutoNation, Inc. repurchased $232.9 million of notes during 2008 for a total of $182.1 million, according to its 10-K report for the year ended Dec. 31. The report was filed with the Securities and Exchange Commission Tuesday.

Specifically, the company said it repurchased $105.5 million of its floating-rate senior unsecured notes due April 15, 2013 and $127.4 million of its 7% senior unsecured notes due April 15, 2014.

AutoNation spent $79.8 million to repurchase the floaters and $102.3 million for the 7% notes.

As of Dec. 31, $194.5 million of the floaters and $172.6 million of the 7% notes remained outstanding.

The company committed to repurchase an additional $11.1 million of the 7% notes in 2008, but the settlement of this repurchase occurred after the end of the year.

AutoNation is an automotive retailer based in Fort Lauderdale, Fla.

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