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Ken Garff Automotive talks $350 million five-year notes at 7½% area; pricing Friday
By Paul A. Harris
Portland, Ore., Aug. 2 – Ken Garff Automotive Group talked its $350 million offering of five-year senior notes (B1/B) to yield in the 7½% area, according to market sources.
Official talk comes toward the wide end of early guidance in the 7¼% to 7½% area, a trader said.
J.P. Morgan Securities LLC has the books for the Rule 144A for life offering.
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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