UnitedAuto Redeems $300 Million Senior Subordinated Notes Due 2012
United Auto Group, Inc. (NYSE:UAG), an international automotive retailer, today announced that is has redeemed its $300 million 9.625% Senior Subordinated Notes Due 2012 (the “Notes”) at a price of 104.813%.
In December 2006, the Company completed a $375 million, 7.75% Senior Subordinated Note offering with the intention of refinancing the Notes. The proceeds from the December transaction were temporarily used to repay amounts outstanding under the Company’s revolving credit agreement in the U.S. and a portion of its U.S. floor plan borrowings. UnitedAuto funded the $314.4 million aggregate redemption price of the Notes principally with floor plan borrowings in the U.S.
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