United Auto to price $325 million 10-year notes in Thursday drive-by

By Paul A. Harris

St. Louis, Nov. 29 - United Auto Group, Inc. will hold an investor call at 11 a.m. ET on Thursday for its $325 million offering of 10-year senior subordinated notes, according to a market source.

The notes are expected to price later on Thursday.

JP Morgan has the books for the notes, which are being offered via Rule 144A with registration rights. Wachovia Securities, Banc of America Securities LLC and Merrill Lynch are co-managers.

Proceeds will be used to repay the Bloomfield Hills, Mich.-based automotive retailer's floor plan and existing credit facility; the company plans to call its 9 5/8% notes due 2012 using floor plan debt.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.