Penske Automotive Group, Inc. : Penske Automotive Group Completes Redemption of 3.5% Senior Subordinated Convertible Notes Due 2026
07/16/2012| 04:30pm US/Eastern
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Penske
Automotive Group, Inc., (NYSE: PAG), an international automotive
retailer, today announced that it has completed the redemption of $63.3
million in outstanding 3.5% Senior Subordinated Convertible Notes due
2026 (the "Notes"). The Company settled the obligation in cash;
therefore, no shares were issued in the settlement of the Notes.
Commenting on the redemption, Chief Financial Officer David K. Jones
said, "The funding of the Notes redemption was completed using available
cash and availability under the Company's existing U.S. credit facility.
We are pleased to settle the Notes without diluting current shareholders
and we are confident that our current capital structure will allow for
continued growth of our business."
ABOUT PENSKE AUTOMOTIVE GROUP
Penske
Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan,
operates 337 retail automotive franchises, representing 41 different
brands and 29 collision repair centers. Penske Automotive, which sells
new and previously owned vehicles, finance and insurance products and
replacement parts, and offers maintenance and repair services on all
brands it represents, has 170 franchises in 17 states and Puerto Rico
and 167 franchises located outside the United States, primarily in the United
Kingdom. Penske Automotive is a member of the Fortune 500 and
Russell 2000 and has approximately 16,000 employees.
Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking statements,
including forward-looking statements regarding Penske Automotive Group,
Inc.'s future sales potential and outlook. Actual results may vary
materially because of risks and uncertainties that are difficult to
predict. These risks and uncertainties include, among others: economic
conditions generally, conditions in the credit markets and changes in
interest rates, adverse conditions affecting a particular manufacturer,
including the adverse impact to the vehicle and parts supply chain due
to natural disasters or other disruptions that interrupt the supply of
vehicles or parts to us; changes in consumer credit availability, the
outcome of legal and administrative matters, and other factors over
which management has limited control. These forward-looking statements
should be evaluated together with additional information about Penske
Automotive's business, markets, conditions and other uncertainties,
which could affect Penske Automotive's future performance. These risks
and uncertainties are addressed in Penske Automotive's Form 10-K for the
year ended December 31, 2011, and its other filings with the Securities
and Exchange Commission ("SEC"). This press release speaks only as of
its date, and Penske Automotive disclaims any duty to update the
information herein.
Penske Automotive Group, Inc.
David K. Jones
Executive Vice
President and
Chief Financial Officer
248-648-2800
dave.jones@penskeautomotive.com
or
Penske
Automotive Group, Inc.
Anthony R. Pordon
Executive Vice
President Investor Relations and Corporate Development
248-648-2540
tpordon@penskeautomotive.com
© Business Wire 2012
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