/PRNewswire/ Penske Automotive Group, Inc., (NYSE:PAG) a diversified international transportation services company, today announced that it intends to offer.
Penske Automotive Group Announces Pricing of $500 Million Senior Subordinated Notes
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BLOOMFIELD HILLS, Mich., May 25, 2021 /PRNewswire/ Penske Automotive Group, Inc., (NYSE: PAG) a diversified international transportation services company, today announced the pricing of $500 million aggregate principal amount of 3.75% Senior Subordinated Notes due 2029 (the 2029 Notes ). The sale of the 2029 Notes, which is subject to customary closing conditions, is expected to be completed on June 15, 2021.
The company intends to use the net proceeds of this offering to redeem its $500 million 5.5% Senior Subordinated Notes due 2026 on June 24, 2021. In the interim, we intend to repay amounts outstanding under our U.S. credit agreement, to repay various floor plan debt, and for general corporate purposes.
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BLOOMFIELD HILLS, Mich., May 25, 2021 /PRNewswire/ Penske Automotive Group, Inc., (NYSE: PAG) a diversified international transportation services company, today announced the pricing of $500 million aggregate principal amount of 3.75% Senior Subordinated Notes due 2029 (the 2029 Notes ). The sale of the 2029 Notes, which is subject to customary closing conditions, is expected to be completed on June 15, 2021.
The company intends to use the net proceeds of this offering to redeem its $500 million 5.5% Senior Subordinated Notes due 2026 on June 24, 2021. In the interim, we intend to repay amounts outstanding under our U.S. credit agreement, to repay various floor plan debt, and for general corporate purposes.
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