By Paul A. Harris
Portland, Ore., Aug. 1 – Penske Automotive Group, Inc. priced a $300 million issue of three-year senior subordinated bullet notes (B+) at par to yield 3¾% on Tuesday, according to market sources.
The yield printed at the tight end of the 3¾% to 4% yield talk.
J.P. Morgan Securities LLC, BofA Merrill Lynch, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC were the joint bookrunners for the public offering.
The Bloomfield Hills, Mich.-based automotive retailer plans to use the proceeds to repay its U.S. credit agreement that matures Sept. 30, 2020 and for general working capital purposes.
| Issuer: | Penske Automotive Group, Inc.
|
| Amount: | $300 million
|
| Maturity: | Aug. 15, 2020
|
| Securities: | Senior subordinated notes
|
| Bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC
|
| Coupon: | 3¾%
|
| Price: | Par
|
| Yield: | 3¾%
|
| Spread: | 226 bps
|
| Call: | Make-whole at par plus accrued interest
|
| Trade date: | Aug. 1
|
| Settlement date: | Aug. 15
|
| Rating: | S&P: B+
|
| Distribution: | SEC registered
|
| Price talk: | 3¾% to 4%
|
| Marketing: | Quick to market
|
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