AutoNation Raises $700M Via Debt Offering

AutoNation Inc AN has priced the $700 million of senior unsecured notes due 2032 at 3.850%.
The notes will be issued at 99.835% of the aggregate principal amount, representing a yield to maturity of 3.870%.
The offering is expected to close on February 28, 2022, subject to customary closing conditions.
AutoNation intends to use the net proceeds from the sale of the notes for general corporate purposes, strategic initiatives, acquisitions, and share repurchases.
Price Action: AN shares closed lower by 1.08% at $104.20 on Wednesday.