FORT LAUDERDALE, Fla.,
Nov. 7, 2017 /PRNewswire/
-- AutoNation, Inc. (NYSE: AN), America's largest automotive
retailer (the "Company"), announced today the pricing of
$450 million aggregate principal
amount of senior unsecured notes due 2024 at 3.500% (the "2024
Notes") and $300 million aggregate
principal amount of senior unsecured notes due 2027 at 3.800% (the
"2027 Notes" and together with the 2024 Notes, the "notes").
The 2024 Notes will be issued at 99.876% of the aggregate principal
amount, representing a yield to maturity of 3.520%, and the 2027
Notes will be issued at 99.925% of the aggregate principal amount,
representing a yield to maturity of 3.809%. The offering is
expected to close on November 10,
2017, subject to customary closing conditions.
The Company intends to use the net proceeds from the offering of
the notes to reduce borrowings under the Company's existing
commercial paper program and/or revolving credit facility and for
general corporate purposes.
J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner &
Smith Incorporated, SunTrust Robinson Humphrey, Inc., Wells Fargo
Securities, LLC, Mizuho Securities USA LLC and MUFG Securities Americas Inc. are
acting as joint book-running managers of the debt offering.
The offering is being made solely by means of a prospectus
supplement and accompanying prospectus, which has been filed with
the Securities and Exchange Commission (the "SEC"). Copies of
these documents may be obtained on the SEC's website, www.sec.gov.
Alternatively, you may request these documents by contacting J.P.
Morgan Securities LLC, 383 Madison Avenue, New York, NY 10179, Attention: Investment
Grade Syndicate Desk, 3rd Floor (tel: collect at 212-834-4533),
Merrill Lynch, Pierce, Fenner & Smith Incorporated, 222
Broadway, New York, NY 10038,
Attention: Prospectus Department (email:
dg.prospectus_requests@baml.com), SunTrust Robinson Humphrey, Inc.,
303 Peachtree Street, Atlanta, GA
30308, Attention: Prospectus Department (tel: 800-685-4786, email:
STRHdocs@SunTrust.com), or Wells Fargo Securities,
LLC, 608 2nd Avenue South, Minneapolis, MN 55402, Attention: WFS
Customer Service (tel: 800-645-3751, email:
wfscustomerservice@wellsfargo.com).
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities of the Company, and
shall not constitute an offer, solicitation or sale in any state or
other jurisdiction in which such an offer, solicitation or sale
would be unlawful.
About AutoNation, Inc.
AutoNation, America's largest automotive retailer, through its
bold leadership, innovation and its comprehensive brand extensions,
is transforming the automotive industry. As
of September 30, 2017, AutoNation owned and
operated 361 new vehicle franchises from coast to coast.
AutoNation has sold over 11 million vehicles, the first automotive
retailer to reach this milestone. AutoNation's success is driven by
a commitment to delivering a peerless experience through
customer-focused sales and service processes. Through its Drive
Pink initiative, AutoNation is committed to drive out cancer,
create awareness and support critical research. AutoNation
continues to be a proud supporter of the Breast Cancer Research
Foundation and other cancer-related charities.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements other than statements of historical fact are, or may
be deemed to be, forward-looking statements. Words such as
"anticipates," "expects," "intends," "goals," "plans," "believes,"
"continues," "may," "will," "could," and variations of such words
and similar expressions are intended to identify such
forward-looking statements. Statements that describe our
objectives, goals or plans are forward-looking statements. Our
forward-looking statements reflect our current expectations
concerning future results and events, and they involve known and
unknown risks, uncertainties and other factors that are difficult
to predict and may cause our actual results, performance or
achievements to be materially different from any future results,
performance and achievements expressed or implied by these
statements. These risks, uncertainties and other factors include,
among others: economic conditions generally; conditions in the
credit markets and changes in interest rates; the current market
demand for these types of securities and the securities of the
Company; our ability to consummate the offering; and other factors
described in our news releases and filings made under the
securities laws, including, among others, our Annual Reports on
Form 10-K, our Quarterly Reports on Form 10-Q and our Current
Reports on Form 8-K. Forward-looking statements contained in this
news release speak only as of the date of this news release, and we
undertake no obligation to update these forward-looking statements
to reflect subsequent events or circumstances.
View original content with
multimedia:http://www.prnewswire.com/news-releases/autonation-announces-pricing-of-750-million-aggregate-principal-amount-of-senior-notes-300551491.html
SOURCE AutoNation, Inc.