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Ken Garff Auto whispers $350 million five-year notes in 7¼%-7½% area; pricing July 30 week
By Paul A. Harris
Portland, Ore., July 30 – Ken Garff Automotive Group plans to sell $350 million of five-year high-yield notes during the July 30 week, according to a market source.
Initial price talk has the deal coming with a yield in the 7¼% to 7½% area.
J.P. Morgan Securities LLC is managing the sale.
The notes come with two years of call protection.
The Salt Lake City-based auto sales group plans to use the proceeds to fund the acquisition of Leucadia National Corp.’s share of jointly owned Garcadia Auto Services.
Ken Garff Automotive has dealerships in Utah, Texas, Iowa, Nevada, Michigan and California.
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