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Group 1 Automotive buys back $28.3 million 8¼% notes, $63 million 2.25% convertibles
By Angela McDaniels
Tacoma, Wash., Feb. 25 - Group 1 Automotive, Inc. repurchased $28.3 million of its 8¼% senior subordinated notes due 2013 and $63.0 million of its 2.25% convertible senior notes due 2036 in 2008, according to its 10-K report for 2008 filed with the Securities and Exchange Commission.
The 8¼% notes were repurchased in the first nine months of the year, and the convertibles were repurchased in the fourth quarter.
The company said it spent $53.6 million on the repurchases, excluding accrued interest of $0.8 million.
In comparison, Group 1 bought back $36.4 million of the 8¼% notes in 2007 for $36.9 million, excluding accrued interest.
As of Dec. 31, there was $73 million principal amount of the 8¼% notes and $220.6 million principal amount of the 2.25% convertibles outstanding.
Group 1 is a Houston-based automotive retailer.
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