Penske Automotive Group completed repayment of $300 million senior subordinated notes

Penske Automotive Group, Inc. has repaid in full its $300 million senior subordinated notes due Aug. 15.

Penske Automotive is left with over $800 million in available liquidity under its revolving credit facilities after the notes were repaid using availability under its U.S. revolving credit facility.

Additionally, it has also completed the issuance of $550 million aggregate principal amount of 3.5% senior subordinated notes due 2025, which Penske plans to use to redeem its $550 million 5.75% Senior Subordinated Notes due on Oct. 1, 2022.

"Our diversified transportation services model continues to generate significant cash flow, providing us with the opportunity to repay the 2020 notes while funding our future growth and acquisition plans,” Chair and Chief Executive Roger Penske said. "I am also pleased to be able to refinance our existing 2022 notes at today's attractive rates."

Statements in the Penske’s press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s liquidity, according to PR Newswire.