Penske buys back $87.28 million 3.5% convertibles on put exercise

By Susanna Moon

Chicago, April 1 - Penske Automotive Group, Inc. holders exercised the put option for $87,278,000 principal amount of the $150,602,000 outstanding 3.5% senior subordinated convertible notes due 2026, according to an 8-K filing with the Securities and Exchange Commission.

The company settled the purchase on April 1.

Following this, $63,324,000 of the notes remains outstanding.

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

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