Group 1 Automotive, Inc. (NYSE: GPI) has announced a significant financial development on April 30, 2024. The Fortune 300 automotive retailer with 203 dealerships in the U.S. and U.K. completed a $500 million upsize in its revolving syndicated credit facility to $2.5 billion with 20 financial institutions. This credit facility will expire in March 2027 and can be further expanded to $3.0 billion.
Among the lenders in the syndicated facility are six manufacturer-affiliated finance companies and 14 commercial banks. Notable names in the manufacturer-affiliated finance companies include Mercedes-Benz Financial Services USA LLC, Toyota Motor Credit Corporation, and BMW Financial Services NA, LLC. The syndication was arranged through U.S. Bank National Association, JPMorgan Chase Bank N.A., BofA Securities, Inc., PNC Capital Markets LLC, and Wells Fargo Securities, LLC as disclosed by Group 1 Automotive, Inc.
Group 1's senior vice president and chief financial officer, Daniel McHenry, emphasized the impact of this financial move, stating, "The expanded revolving facility further strengthens Group 1's balance sheet by locking in additional capacity of reasonably priced capital for vehicle financing and acquisition growth." McHenry also expressed gratitude towards the lenders, noting, "The commitments made by our lenders are a testament to the strong relationships we have established and we want to thank them for their continued support."
Group 1 Automotive, Inc. operates 203 automotive dealerships, 265 franchises, and 43 collision centers in the United States and the United Kingdom. Offering a wide range of 35 automobile brands, the company engages in various automotive services and sales through its omni-channel platform.
For further information about Group 1 Automotive, Inc., its business operations, and financial updates, interested parties can visit their official websites. The company's disclosure of additional information is available at www.group1corp.com, www.group1auto.com, www.group1collision.com, www.acceleride.com, as well as on social media platforms such as www.facebook.com/group1auto and www.twitter.com/group1auto.
This press release contains forward-looking statements related to the company's future initiatives and strategies, emphasizing the importance of current expectations and potential risks. While management believes in the reasonableness of these forward-looking statements, uncertainties may affect actual results. Readers are advised to refer to the company's filings with the Securities and Exchange Commission for a comprehensive understanding of potential risks and factors affecting future performance.