AutoNation to sell $750 million two-tranche fixed-rate senior notes

By Devika Patel

Knoxville, Tenn., Nov. 7 – AutoNation Inc. intends to price an offering of fixed-rate senior notes in two parts, according to a 424B5 filed with the Securities and Exchange Commission. Fitch Ratings said it has assigned a BBB- rating to the senior notes, which Fitch expects could total up to $750 million.

The notes are initially callable at the greater of a make-whole call and a par call, after which they are callable at par.

BofA Merrill Lynch, J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC, Mizuho Securities USA Inc. and MUFG are the bookrunners.

The Fort Lauderdale, Fla., automotive retailer will use the proceeds to reduce debt under its commercial paper program and/or revolving credit facility and for general corporate purposes.

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