Group 1 to use offering funds to redeem $74.6 million of its 8¼% notes

By Devika Patel

Knoxville, Tenn., March 15 - Group 1 Automotive, Inc. said it will use the proceeds from a $100 million offering of convertible senior notes to redeem its $74.6 million in 8¼% senior subordinated notes due 2013 at 102.75, plus interest.

Group 1 is a Houston-based automotive retailer.

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