Group 1 Automotive Completes Redemption of All Outstanding 5.25% Senior Notes Due 2023
Group 1 Automotive, Inc. (GPI)
Last group 1 automotive, inc. earnings: 2/5 07:07 am
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Source: PR Newswire
HOUSTON, April 2, 2020 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI), an international, Fortune 500 automotive retailer, today announced that it has completed the redemption of all $300 million aggregate principal amount of its outstanding 5.25% senior notes due 2023 (CUSIP Nos. 398905 AL3 and U03903 AD0) (the "Notes"). The redemption was funded through a combination of acquisition line borrowings, mortgage borrowings, and excess cash. Additional mortgage debt will be funded during the second quarter to provide supplemental liquidity. This transaction will lower annual interest expense by approximately $8.5 million."We are pleased that Group 1 has been able to materially lower future interest expense by refinancing our unsecured 5.25% bonds with secured real estate financing, cash on hand, and other corporate borrowings at much lower interest rates," said John C. Rickel, Group 1's senior vice president and chief financial officer. "This transaction also allows the Company to
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GPI
Earnings
- 10/30/24 - Miss
GPI
Sec Filings
- 12/18/24 - Form 4
- 12/16/24 - Form 144
- 11/13/24 - Form 8-K
- GPI's page on the SEC website