Group 1 Automotive’s $200 Million Tack-On Notes Offering

Simpson Thacher advised initial purchasers on the deal.

Bank of America, Inc., announced the sale of an aggregate principal amount of $200 million 4% Senior Notes due 2028 by Group 1 Automotive, Inc. (“Group 1”). The additional notes constituted a reopening of the $550 million aggregate principal amount of 4% Senior Notes due 2028 initially issued on August 17, 2020. The notes are guaranteed on an unsecured senior basis by each of Group 1’s existing and future domestic restricted subsidiaries that are guarantors or borrowers under Group 1’s Revolving Credit Facility, which includes substantially all of Group 1’s existing domestic subsidiaries. 

Group 1 owns and operates 181 automotive dealerships, 233 franchises and 48 collision centers in the United States, the United Kingdom and Brazil that offer 31 brands of automobiles. Through its dealerships, Group 1 sells new and used cars and light trucks; arranges related vehicle financing; sells service contracts; provides automotive maintenance and repair services; and sells vehicle parts. 

The Simpson Thacher team included Art Robinson (Picture), Patrick Baron, Asha Amin and Alex Suh (Capital Markets); Jonathan Cantor and Brian Mendick (Tax); Michael Isby (Environmental); and Andrew Pagliughi (Blue Sky).

Involved fees earner: Asha Amin – Simpson Thacher & Bartlett; Patrick Baron – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Brian Mendick – Simpson Thacher & Bartlett; Andrew Pagliuchi – Simpson Thacher & Bartlett; Arthur Robinson – Simpson Thacher & Bartlett; Alexander Suh – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Group 1 Automotive, Inc.;

Author: Alejandro Girola