Group 1 Automotive, Inc. has completed the redemption of all of its outstanding 5.000% senior notes due 2022.
This was funded from the proceeds of its completed offering of $550 million aggregate principal amount of 4.000% senior notes due 2028 and cash on hand. This move will cut annual interest expense by approximately $5.5 million.
"We are pleased that Group 1 has been able to materially lower future interest expense by refinancing the 2022 Notes with the proceeds from the 2028 Notes and cash on hand at a much lower interest rate," Daniel McHenry, Group 1's senior vice president and chief financial officer, said in a release from PR Newswire. "This transaction also allows the company to extend the debt maturity from 2022 to 2028. We are very appreciative of our bank partners who made this refinance possible."
Group 1 Automotive Investors may visit the following websites www.group1corp.com, www.group1auto.com, www.group1collision.com, Facebook and Twitter accounts to keep themselves updated on the company’s business and results of operations.
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