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AutoNation holders tender all of the floaters, $117.9 million 7% notes
By Devika Patel
Knoxville, Tenn., April 28 - AutoNation, Inc. announced it completed a cash tender offer and consent solicitation for all of its $146.1 million in floating-rate senior unsecured notes due April 15, 2013 and all of its $132.6 million in 7% senior unsecured notes due April 15, 2014.
In total, all of the floaters were tendered and all but $14.7 million of the 7% notes were tendered.
The offer expired at 11:59 p.m. ET on April 27. The consent deadline was 5 p.m. ET on April 13.
On April 13, the company said it had received the needed consents to amend the floaters as well as its 7% notes. At that time, AutoNation said holders submitted consents and the company accepted tenders for 99.6% of the floaters and 88.8% of the 7% notes, or a total of $263.3 million of the notes series.
For each $1,000 in notes, AutoNation paid $1,010 for the floaters and $1,035 for the 7% notes, each including a $30.00 consent payment for those who tendered by the early deadline.
The company also paid interest on the notes.
AutoNation is an automotive retailer based in Fort Lauderdale, Fla.
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