BLOOMFIELD HILLS, Mich., Oct. 1, 2020 /PRNewswire/ — Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company, today announced that it has completed the redemption of all of its $550 million in aggregate principal amount of 5.75% Senior Subordinated Notes due 2022 (“the 2022 Notes”). The redemption was principally funded with the proceeds from the issuance of $550 million aggregate principal amount of 3.5% Senior Subordinated Notes due 2025 which was completed in August 2020.
The redemption of the 2022 Notes will reduce the company’s future interest expense by approximately $12.0 million annually and extends the maturity of $550 million in senior subordinated debt by three years from 2022 to 2025.
About Penske Automotive
Penske Automotive Group, Inc., (NYSE:PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States, the United