Group 1 Automotive $150 million 10-year notes talked at 8 1/8%-8 3/8%, pricing Friday

By Paul A. Harris

St. Louis, Aug. 7 - Price talk of 8 1/8%-8 3/8% emerged Thursday on Group 1 Automotive Inc.'s upcoming sale of $150 million 10-year senior subordinated notes (B1/B+), according to a market source.

The deal is expected to price on Friday, the source added.

Goldman Sachs & Co. is the bookrunner on the Rule 144A deal. JP Morgan and Banc One Capital Markets are co-managers.

The notes will contain a Treasuries plus 50 basis points make-whole call for the first five years and then will become callable at a premium.

Group 1 will use proceeds for general corporate purposes, including retiring its 10 7/8% senior subordinated notes due 2009, and for potential acquisitions.

The issuer is a Houston-based auto retailer, and provider of financing and repair services.

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