- Group 1 Automotive Inc GPI said it has expanded a $2.0 billion five-year revolving syndicated credit facility with 21 financial institutions to $2.4 billion. The credit facility will expire in March 2027.
- The revolving facility will provide $1.651 billion for inventory floorplan financing.
- The company will also be provided $349.0 million for working capital, acquisitions, and general corporate purposes, which can be expanded to a maximum of $500.0 million.
- "The extension of our $2.0 billion revolving facility further strengthens Group 1's balance sheet by locking in ample, reasonably priced capital for vehicle financing and acquisition growth for the next five years," said CFO Daniel McHenry.
- Price Action: GPI shares closed lower by 1.12% at $188.44 on Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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