FORT LAUDERDALE, Fla.,
Sept. 16, 2015 /PRNewswire/
-- AutoNation, Inc. (NYSE: AN), America's largest automotive
retailer (the "Company"), announced today the pricing of
$300 million aggregate principal
amount of senior unsecured notes due 2021 at 3.35% (the "2021
Notes") and $450 million aggregate
principal amount of senior unsecured notes due 2025 at 4.5% (the
"2025 Notes" and together with the 2021 Notes, the "notes").
The 2021 Notes will be issued at 99.998% of the aggregate
principal amount, representing a yield to maturity of 3.351%, and
the 2025 Notes will be issued at 99.663% of the aggregate principal
amount, representing a yield to maturity of 4.542%. The
offering is expected to close on September
21, 2015, 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
revolving credit facility and for general corporate purposes.
J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner &
Smith Incorporated, Wells Fargo Securities, LLC and SunTrust
Robinson Humphrey, 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),Wells Fargo Securities, LLC, 608
2nd Avenue, South Minneapolis,
Minnesota 55402, Attention: WFS Customer Service (Tel:
800-645-3751, email: wfscustomerservice@wellsfargo.com) or SunTrust
Robinson Humphrey, Inc., 303 Peachtree Street, Atlanta, GA 30308, Attention: Prospectus
Department (Tel: 800-685-4786).
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein,
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, Inc.,
headquartered in Fort Lauderdale,
Fla., is America's largest automotive retailer. A component
of the Standard and Poor's 500 Index, AutoNation owned and operated
293 new vehicle franchises in 15 states as of June 30, 2015.
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," 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; 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.
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SOURCE AutoNation, Inc.