Penske repurchases $69 million in 3.5% convertible debt

By Devika Patel

Knoxville, Tenn., March 20 - Penske Automotive Group Inc. said it repurchased approximately $69 million of its 3.5% senior subordinated convertible notes due 2026 for $52 million in cash.

After these purchases, there are approximately $306 million of the notes remaining outstanding. There is an investor put option in April 2011.

The company may, from time to time, purchase an additional $44 million of its outstanding common stock, debt or convertible debt.

Penske is a Bloomfield Hills, Mich.-based automotive retailer.

© 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.