SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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Item 8.01 Other Events.
On May 25, 2021, we agreed to issue and sell $500 million in aggregate principal amount of 3.75% Senior Subordinated Notes due 2029 (the “Notes”) together with related guarantees by our domestic wholly owned subsidiaries (the “Guarantees” and, together with the Notes, the “Securities”) pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission (the “SEC”).
The $500 million aggregate principal amount of Securities are expected to be issued on June 15, 2021, subject to customary closing conditions. We intend to use the net proceeds to redeem our $500 million 5.5% senior subordinated notes due 2026 on June 24, 2021. In the interim, we intend to repay amounts outstanding under our U.S. credit agreement, to repay various floor plan debt, and for general working capital purposes.
On May 25, 2021, we filed with the SEC a Prospectus Supplement dated May 25, 2021 in connection with the public offering of the Notes. A final Prospectus Supplement will be filed with the SEC within the time period required by U.S. securities laws and SEC rules.
A copy of the press release announcing the pricing of the $500 million aggregate principal amount of Securities is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
Cover Page Interactive Data File (formatted as inline XBRL).
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Penske Automotive Group, Inc.
May 25, 2021
/s/ Shane M. Spradlin
Name: Shane M. Spradlin
Title: Executive Vice President