June 25, 2014
/PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI) (the "Company"), an international, Fortune 500 automotive retailer, today announced the expiration and final results of its previously announced tender offer (the "Offer") to purchase for cash any and all of its outstanding 3.00% Convertible Senior Notes due 2020 (CUSIP No. 398905AG4) (the "Notes"). The Offer expired at 12:00 midnight,
New York City
time, at the end of
Tuesday, June 24, 2014
As of the expiration of the Offer,
aggregate principal amount of Notes, representing approximately 80.4% of the outstanding Notes, were validly tendered and not validly withdrawn. The Company has accepted for purchase all Notes that were validly tendered and not validly withdrawn.
As previously announced by the Company, the final purchase price per
aggregate principal amount of Notes is
. The Company expects to settle the Offer today and pay an aggregate of approximately
(including accrued but unpaid interest and dealer manager fees) to purchase all of the Notes that were validly tendered and not validly withdrawn. Immediately following the settlement of the Offer,
principal amount of Notes will remain outstanding.
As the Company has purchased
in aggregate principal amount of the Notes pursuant to the Offer, the special mandatory redemption provision under the Company's indenture governing its 5.000% Senior Notes due 2022 is no longer applicable.
The Company's purchase of
aggregate principal amount of the Notes reduces the dilutive effect of the net shares issuable under the Notes on the weighted average diluted shares used when calculating the Company's earnings per share. Please see the Company's updated dilution table, which gives effect to the Company's purchase of the Notes and which is available at
In the Company's financial results for the second quarter of 2014, the Company expects to recognize a loss on retirement of the Notes, net of tax, of approximately
Wells Fargo Securities, LLC acted as the dealer manager for the Offer. Global Bondholder Services Corporation acted as the depositary for the Offer and as the information agent for the Offer.