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Penske cancels tender for all $235.2 million of 3.5% convertibles
By Jennifer Chiou
New York, May 7 - Penske Automotive Group, Inc. announced the termination of the cash tender offer for any and all of its $235.2 million of 3.5% senior subordinated convertible notes due 2026 that began on May 6.
The company cited unfavorable market conditions behind ending the offer.
The tender would have expired at midnight ET on June 3.
The company was offering $1,020 for each $1,000 principal amount of notes plus accrued interest.
While there was no minimum tender condition, the offer was to be contingent on the company's proposed offering of senior subordinated notes, which was also withdrawn.
Georgeson Inc. was to be the information agent (212 440-9800 for banks and brokers or 866 695-6075). J.P. Morgan Securities Inc. and Banc of America Securities LLC were to be the joint dealer managers.
Penske is a Bloomfield Hills, Mich.-based automotive retailer.
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