GPI - Group 1 Automotive extends $2B credit facility

Group 1 Automotive (NYSE:GPI) said it completed a $2B five-year revolving syndicated credit facility with 21 financial institutions which will expire in March 2027 and can be expanded to $2.4B. The company said the revolving facility will provide ~$1.65B for inventory floorplan financing. The facility will also provide $349M for working capital, acquisitions and general corporate purposes, which can be expanded to a maximum of $500M. "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 Daniel McHenry, Group 1's senior vice president and CFO.

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Group 1 Automotive extends $2B credit facility