Group 1 Automotive, Inc. has priced its private placement of $1.25 billion in senior unsecured notes, split evenly between $625.0 million of 6.250% notes due 2032 and $625.0 million of 6.625% notes due 2035. The offering is expected to close on September 22, 2026, subject to customary conditions. Net proceeds, along with cash on hand, will fund the company's previously announced acquisition of certain dealership assets from Hennessy Automobile Companies, Inc. and its affiliates. If the acquisition is not completed by January 6, 2027, or under certain other circumstances, the company will be required to redeem the 2032 notes at 100% of their issue price plus accrued interest. The notes are being offered to qualified institutional buyers and non-U.S. persons under exemptions from registration.
Group 1 Automotive IncGroup 1 priced $1.25B in senior notes to fund its Hennessy dealership acquisition, a financing event with mixed leverage implications.
Hennessy is the acquisition target whose dealership assets Group 1 is buying, but the article gives no terms or impact on Hennessy itself.
