Group 1 Automotive Prices $350 Mln Upsized Senior Notes Offering

(RTTNews) - Group 1 Automotive, Inc. (GPI) said Friday that it has priced its private placement of $350 million of 5.00% senior unsecured notes due 2022.

The offering size was increased to $350 million from $300 million.

The offering is expected to close on June 2.

The company plans to use the net proceeds from the offering, together with the net proceeds, if any, from the termination of certain call options and warrants, to finance the purchase of its 3.00% Convertible Senior Notes due 2020, to repay amounts outstanding under the acquisition line of its revolving credit facility, to make a contribution to its floorplan offset account and for working capital requirements and general corporate purposes.