AutoNation’s $500 Million Notes Offering

Skadden, Arps, Slate, Meagher & Flom acted as special United States counsel to AutoNation, Inc., while Simpson Thacher & Bartlett represented the underwriters in the offering.

AutoNation, Inc. completed its offering of $500 million aggregate principal amount of 4.75% Senior Notes due 2030.

BofA Securities, Inc., J.P. Morgan Securities LLC, SunTrust Robinson Humphrey, Inc., Wells Fargo Securities, LLC, Mizuho Securities USA LLC, U.S. Bancorp Investments, Inc., Citizens Capital Markets, Inc., PNC Capital Markets LLC, and TD Securities (USA) LLC acted as underwriters for hte offering.

AutoNation, through its subsidiaries, is the largest automotive retailer in the United States. As of March 31, 2020, it owned and operated 317 new vehicle franchises from 231 stores located in the United States, predominantly in major metropolitan markets in the Sunbelt region. Its stores sell 32 different new vehicle brands. The core brands of new vehicles that AutoNation sells are manufactured by Toyota (including Lexus), Honda, General Motors, Ford, FCA US, Mercedes-Benz, BMW and Volkswagen (including Audi and Porsche). AutoNation also owns and operates 81 AutoNation branded collision centers, 5 AutoNation USA stores, 4 automotive auction operations and 16 parts distribution centers.

Skadden advised AutoNation in the offering with a team including Corporate partner Gregg Noel (Palo Alto/Los Angeles) and associates Young Moon and Shenna Johnson, and Tax counsel Sarah Beth Rizzo and associate Lea Malewitz.

The Simpson Thacher team advising the underwriters included John C. Ericson (Picture), Jonathan Pacheco, Jesse Schulman and Samantha Sergent (Capital Markets); Jonathan Cantor and Eli Shalam (Tax); Jeanne Annarumma and Monisha Bhayana (Executive Compensation and Employee Benefits); Jennie Getsin (FINRA and Blue Sky); and Lori Lesser (IP).

Involved fees earner: Jeanne Annarumma – Simpson Thacher & Bartlett; Monisha Bhayana – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; John Ericson – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett; Lori Lesser – Simpson Thacher & Bartlett; Jonathan Pacheco – Simpson Thacher & Bartlett; Jesse Schulman – Simpson Thacher & Bartlett; Samantha Sergent – Simpson Thacher & Bartlett; Eli Shalam – Simpson Thacher & Bartlett; Shenna Johnson – Skadden Arps Slate Meager & Flom; Lea Malewitz – Skadden Arps Slate Meager & Flom; Young Moon – Skadden Arps Slate Meager & Flom; Gregg Noel – Skadden Arps Slate Meager & Flom; Sarah Beth Rizzo – Skadden Arps Slate Meager & Flom;

Law Firms: Simpson Thacher & Bartlett; Skadden Arps Slate Meager & Flom;

Clients: AutoNation; Bank of America Securities; Citizens Capital Markets; J.P. Morgan Securities LLC; Mizuho Securities; PNC Capital Markets LLC; SunTrust Robinson Humphrey, Inc.; TD Securities; U.S. Bancorp Investments; Wells Fargo Securities;

Author: Ambrogio Visconti