Business
AUTOCANADA ANNOUNCES CLOSING OF ITS PRIVATE OFFERING OF SENIOR NOTES DUE 2029
AUTOCANADA ANNOUNCES CLOSING OF ITS PRIVATE OFFERING OF SENIOR NOTES DUE 2029 C...
About this update from Autocanada Inc.
[{"type":"text","content":"\n \n \n \n AUTOCANADA ANNOUNCES CLOSING OF ITS PRIVATE OFFERING OF SENIOR NOTES DUE 2029\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n EDMONTON, AB\n \n ,\n \n Feb. 7, 2022\n \n /CNW/ - AutoCanada Inc. (\"\n \n AutoCanada\n \n \" or the \"\n \n Company\n \n \") (TSX: ACQ), is pleased to announce that it has closed its previously announced private placement offering (the \"\n \n Offering\n \n \") of senior notes. The Offering consisted of\n \n $350 million\n \n aggregate principal amount of 5.75% senior unsecured notes due\n \n February 7, 2029\n \n , which was increased from the initial offering size of\n \n $300 million\n \n .\n \n \n \n \n \n \n \n \n \n The proceeds of the Offering will be used by the Company to fund the redemption of its outstanding\n \n $250 million\n \n 8.75% Senior Notes due 2025 (the \"\n \n 2025 Notes\n \n \"), to reduce the outstanding balance under its syndicated credit facility and for general corporate purposes including acquisitions.  The redemption of the 2025 Notes will occur on\n \n February 11, 2022\n \n and interest will cease to accrue on the 2025 Notes as of that date.\n \n \n In addition, as previously announced, the Company has amended and extended its existing credit facility for three years to 2025.  The amended credit facility maintains the revolving facility at\n \n $225 million\n \n and includes a\n \n $1,060 million\n \n wholesale floorplan financing facility and a\n \n $15 million\n \n wholesale leasing facility, for total aggregate bank facilities of\n \n $1.3 billion\n \n .\n \n \n \n About\n \n \n AutoCanada\n \n \n \n AutoCanada is a leading North American multi-location automobile dealership group operating 78 franchised dealerships, comprised of 28 brands, in eight provinces in\n \n Canada\n \n as well as a group in\n \n Illinois, USA\n \n . AutoCanada currently sells Chrysler, Dodge, Jeep, Ram, FIAT, Alfa Romeo, Chevrolet, GMC,\n \n Buick\n \n , Cadillac, Ford, Infiniti, Nissan, Hyundai, Subaru, Audi, Volkswagen, Kia, Mazda, Mercedes-Benz, BMW, MINI, Volvo, Toy...