HOUSTON, March 9, 2022 /PRNewswire/ — Group 1 Automotive, Inc. (NYSE: GPI) (“Group 1” or the “Company”), an international, Fortune 300 automotive retailer with 201 dealerships located in the U.S. and U.K., today announced that it has completed a $2.0 billion five-year revolving syndicated credit facility with 21 financial institutions that will expire in March 2027 and can be expanded to $2.4 billion total availability.
The revolving facility will provide $1.651 billion for inventory floorplan financing. New Vehicle and Used Vehicle floorplan interest rates are at SOFR (including a 10 bps spread adjustment) plus 110 bps and 140 bps, respectively. The facility will also provide $349.0 million for working capital, acquisitions and general corporate purposes, which can be expanded to a maximum of $500.0 million, or 25 percent of the total credit facility. This working capital line also allows for up to $150.0 million to be borrowed in either Euros or Pounds Sterling.
Lenders in the syndicated facility include six manufacturer-affiliated finance companies and 15 commercial banks. The six manufacturer-affiliated finance companies are: Mercedes-Benz Financial Services USA LLC; Toyota Motor Credit Corporation; BMW Financial Services NA, LLC; American Honda Finance Corporation; VW Credit, Inc.; and Hyundai Capital America, Inc. The 15 commercial banks are: U.S. Bank National Association; Bank of America, N.A.; JPMorgan Chase Bank, N.A.; Wells Fargo Bank, National Association; PNC…
