FORT LAUDERDALE, Fla., Jan. 27, 2012 /PRNewswire/ -- AutoNation, Inc. (NYSE: AN), America's largest automotive retailer (the "Company"), announced today the pricing of $350.0 million aggregate principal amount of senior unsecured notes due 2020 at 5.500%.
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The Company intends to use the net proceeds from the offering of the notes to reduce borrowings under the Company's existing revolving credit facility and to pay the related transaction fees and expenses.
Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and SunTrust Robinson Humphrey Inc. will act as joint book-running managers of the debt offering, with Mitsubishi UFJ Securities (USA), Inc. and Mizuho Securities (USA) Inc. acting as co-lead managers and Comerica Securities, Inc., Fifth Third Securities, Inc., PNC Capital Markets LLC and U.S. Bancorp Investments, Inc. acting as co-managers.
The senior unsecured notes are being offered solely by means of a prospectus supplement and accompanying prospectus, which has been filed with the SEC. A copy of the prospectus for the offering may be obtained on the SEC's website, www.sec.gov. Alternatively, you may request it by contacting Merrill Lynch, Pierce, Fenner & Smith Incorporated, Attention: Prospectus Department, One Bryant Park, New York, NY, 10036 (phone: 800-294-1322 and e-mail: dg.prospectus_distribution@bofasecurities.com), J.P. Morgan Securities LLC, 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11425, Attention: Prospectus Library (Tel: 718-242-8002 or 866-430-0686), Wells Fargo Securities, LLC, 301 S College St, 6th Floor, Charlotte, NC 28202, Attention: High Yield Syndicate, 704-715-7035 or SunTrust Robinson Humphrey, Inc., 3333 Peachtree Road, NE, 11th Floor, Atlanta, GA 30326, Attention: High Yield Syndicate, 404-926-5048.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, and shall not constitute an offer, solicitation or sale in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful.
About AutoNation, Inc.
AutoNation, Inc., headquartered in Fort Lauderdale, Fla., is America's largest automotive retailer. A component of the Standard and Poor's 500 Index, AutoNation owned and operated 258 new vehicle franchises in 15 states as of December 31, 2011.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements.