Group 1 Automotive, a Fortune 250 automotive retailer with 263 dealerships located in the U.S. and UK, upsized its $1 billion revolving syndicated credit facility to $3.5 billion and extended the maturity to May 30, 2030. The syndicated credit facility can be expanded to $4.5 billion total availability, subject to lender approval.
The 18 lending parties in the syndicated facility include six manufacturer-affiliated finance companies and 12 commercial banks. The six manufacturer-affiliated finance companies are: BMW Financial Services, Toyota Motor Credit Corporation, Mercedes-Benz Financial Services USA, American Honda Finance Corporation, VW Credit and Hyundai Capital America. The 12 commercial banks are: U.S. Bank, Bank of America, JPMorgan Chase Bank, PNC Bank, Wells Fargo Bank, Truist Bank, Ally Bank, Santander Bank, Manufacturers and Traders Trust Company, Barclays Bank, Flagstar Bank and Zions Bancorporation (dba Amegy Bank). The syndication was arranged through U.S. Bank, Bank of America, JPMorgan Chase Bank, Wells Fargo Bank and PNC Bank.
“The $3.5 billion amended and extended revolving credit facility further strengthens our financial flexibility by providing expanded access to reasonably priced capital to support our business strategy,” Daniel McHenry, senior vice president and chief financial officer of Group 1, said. “Our strong relationship with our lenders is reflected in the commitments they have made, and we want to thank them for their ongoing support and partnership.”
