HOUSTON, July 25,
2024 /PRNewswire/ -- Group 1 Automotive,
Inc. (NYSE: GPI) ("Group 1" or the "Company"), a
Fortune 250 automotive retailer, today announced that, subject to
market conditions, it intends to offer for sale $500.0 million in aggregate principal amount of
senior unsecured notes due 2030 (the "Notes"). The Company expects
to use the net proceeds of the offering to repay borrowings under
its revolving credit facility and for general corporate
purposes.
The Notes to be offered have not been, and will not be,
registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities laws, and thus, the
Notes may not be offered or sold in the
United States except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the
Securities Act and applicable state securities laws. The Notes are
being offered to persons reasonably believed to be qualified
institutional buyers in an offering exempt from registration
pursuant to Rule 144A under the Securities Act and to non-U.S.
persons outside of the United
States in compliance with Regulation S under the Securities
Act. This announcement shall not constitute an offer to sell or a
solicitation of an offer to buy any of these Notes or any security,
and shall not constitute an offer, solicitation or sale in any
jurisdiction in which such offering, solicitation or sale would be
unlawful.
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 206 automotive dealerships, 270
franchises, and 42 collision centers in the United States and the United Kingdom that offer 35 brands of
automobiles. Through its dealerships and omni-channel platform, the
Company sells new and used cars and light trucks; arranges related
vehicle financing; sells service and insurance contracts; provides
automotive maintenance and repair services; and sells vehicle
parts.
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 include statements
regarding the proposed offering and the intended use of proceeds.
These forward-looking statements often contain words such as
"expects," "anticipates," "intends," "plans," "believes," "seeks,"
"should," "foresee," "may" or "will" and similar expressions. 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) our ability to realize the benefits expected from
proposed acquisitions, including any anticipated cost reductions,
(i) foreign exchange controls and currency fluctuations, (j) the
armed conflicts in Ukraine and the Middle East, (k) the impacts of
continued inflation and any potential global recession, (l) our
ability to maintain sufficient liquidity to operate, and (m) our
ability to successfully integrate recent and future acquisitions.
For additional information regarding known material factors that
could cause our actual results to differ from our projected
results, please see our filings with the Securities and Exchange
Commission, including our Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K. Readers are
cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date hereof. We undertake no
obligation to publicly update or revise any forward-looking
statements after the date they are made, whether as a result of new
information, future events or otherwise.
SOURCE: Group 1 Automotive, Inc.
Investor contacts:
Terry
Bratton
Manager, Investor Relations
Group 1 Automotive, Inc.
ir@group1auto.com
Media contacts:
Pete
DeLongchamps
Senior Vice President, Manufacturer Relations, Financial Services
and Public Affairs
Group 1 Automotive, Inc.
pdelongchamps@group1auto.com
or
Clint Woods
Pierpont Communications, Inc.
713-627-2223 | cwoods@piercom.com
View original
content:https://www.prnewswire.com/news-releases/group-1-automotive-announces-500-0-million-offering-of-senior-notes-302206545.html
SOURCE Group 1 Automotive, Inc.