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Penske Repays Notes

By Staff Writer August 24, 2020

Penske Automotive Group Inc., a diversified international transportation services company, announced the company has repaid in full, at scheduled maturity, its $300 million Senior Subordinated Notes due Aug. 15. The 2020 Notes were repaid using availability under the company's U.S. revolving credit facility, leaving the company with over $800 million in available liquidity under its revolving credit facilities. The Company also completed the issuance of $550 million aggregate principal amount of 3.5 percent Senior Subordinated Notes due 2025, which the Company intends to use to redeem its $550 million 5.75 percent Senior Subordinated Notes due 2022 (on Oct. 1.

"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,” stated Chair and Chief Executive Roger Penske. “I am also pleased to be able to refinance our existing 2022 Notes at today's attractive rates.”

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Last modified on Monday, 24 August 2020 14:05

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