Group 1 Automotive, a Fortune 300 automotive retailer with 203 dealerships located in the U.S. and the UK, completed a $500 million upsize in its revolving syndicated credit facility to $2.5 billion with 20 financial institutions. The facility will expire in March 2027 and can be expanded to $3 billion total availability.
Lenders in the syndicated facility include six manufacturer-affiliated finance companies and 14 commercial banks. The six manufacturer-affiliated finance companies are:
- Mercedes-Benz Financial Services USA
- Toyota Motor Credit Corporation
- BMW Financial Services
- American Honda Finance
- VW Credit
- Hyundai Capital America
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The 14 commercial banks are:
- U.S. Bank
- Bank of America
- JPMorgan Chase Bank
- Wells Fargo Bank
- PNC Bank
- Comerica Bank
- Truist Bank
- TD Bank
- Ally Bank
- NYCB Specialty Finance
- Barclays Bank
- Zions Bancorporation (dba Amegy Bank)
- Santander Bank
- BOKF (dba Bank of Oklahoma)
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The syndication was arranged through U.S. Bank, JPMorgan Chase Bank, BofA Securities, PNC Capital Markets and Wells Fargo Securities.
“The expanded revolving facility further strengthens Group 1’s balance sheet by locking in additional capacity of reasonably priced capital for vehicle financing and acquisition growth,” Daniel McHenry, senior vice president and chief financial officer at Group 1, said. “The commitments made by our lenders are a testament to the strong relationships we have established and we want to thank them for their continued support.”
