Daily News: February 28, 2017

M&T, SunTrust Lead $687MM Prime Motor Group Refi


Prime Motor Group, an automotive retail and service company based in New England, completed a $687 million financing to refinance existing debt and support future growth opportunities, including expansion of the company’s footprint of high-performing dealerships.

The five-year syndicated credit facility, which was oversubscribed, includes a $360 million floor plan financing, a $257 million term debt facility and $70 million of delayed draw capacity to be used for potential acquisitions and other uses.

Financing syndication was arranged by Manufacturers and Traders Trust, with SunTrust Bank serving as the co-lead.

Other lenders included KeyBank, Mercedes-Benz Financial Services USA, NYCB Specialty Finance, TD Bank, Toyota Motor Credit and VW Credit.

“Prime Motor Group has a bright future, and this new $687 million facility will provide the company with a substantial runway for growth over the next five years,” said David Rosenberg, founder and CEO. “We could not be more excited about the opportunities that lie ahead for our company, employees and dealerships.”