Group 1 Automotive Upsizes Revolving Credit Facility to $2.5 Billion
Lenders in the syndicated facility include six manufacturer-affiliated finance companies and 14 commercial banks. The six manufacturer-affiliated finance companies are: Mercedes-Benz Financial Services USA LLC;
"The expanded revolving facility further strengthens Group 1's balance sheet by locking in additional capacity of reasonably priced capital for vehicle financing and acquisition growth," said Daniel McHenry, Group 1's senior vice president and chief financial officer. "The commitments made by our lenders are a testament to the strong relationships we have established and we want to thank them for their continued support."
ABOUT
Group 1 owns and operates 203 automotive dealerships, 265 franchises, and 43 collision centers in
Group 1 discloses additional information about the Company, its business, and its results of operations at www.group1corp.com, www.group1auto.com, www.group1collision.com, www.acceleride.com, www.facebook.com/group1auto, and www.twitter.com/group1auto.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which are statements related to future, not past, events and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. In this context, the forward-looking statements may include statements relating to the credit facility, future financial flexibility and other initiatives and future business strategy. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause actual results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) general economic and business conditions, (b) the level of manufacturer incentives, (c) the future regulatory environment, (d) our ability to obtain an inventory of desirable new and used vehicles, (e) our relationship with our automobile manufacturers and the willingness of manufacturers to approve future acquisitions, (f) our cost of financing and the availability of credit for consumers, (g) our ability to complete acquisitions and dispositions, on a timely basis, if at all and the risks associated therewith, (h) foreign exchange controls and currency fluctuations, (i) the armed conflicts in
Investor contacts:
Manager, Investor Relations
ir@group1auto.com
Media contacts:
Senior Vice President, Manufacturer Relations, Financial Services and Public Affairs
pdelongchamps@group1auto.com
or
Clint Woods
713-627-2223
cwoods@piercom.com
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