AutoNation buys back $72 million of 7% notes, floaters for $60.5 million in first quarter

By Susanna Moon

Chicago, April 24 - AutoNation, Inc. repurchased $32 million principal amount of its floating-rate senior unsecured notes due April 15, 2013 for $26 million during the first quarter, according to a 10-Q filing with the Securities and Exchange Commission.

The company said it also bought back $40 million principal amount of its 7% senior unsecured notes due April 15, 2014 for $34.5 million.

As of March 31, the company had $162.5 million of floaters and $132.6 million of 7% notes outstanding.

The floaters bear interest at Libor plus 200 basis points, adjusted quarterly, and may be called at 102 now, at 101 beginning April 15, 2010 and at par beginning April 15, 2011.

The 7% notes may be called now at 105.25, at 103.5 beginning April 15, 2010 and at 101.75 beginning April 15, 2011 and at par beginning April 15, 2012.

On Feb. 17, the company said it repurchased $232.9 million of notes during 2008 for $182.1 million.

The company said it repurchased $105.5 million of its floaters and $127.4 million of its 7% notes. It spent $79.8 million to repurchase the floaters and $102.3 million for the 7% notes.

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

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