Penske Automotive reduces non-use fee on $800M credit facility from 0.30% to 0.20%

PENSKE AUTOMOTIVE GROUP, INC.

Ninth Amendment to US credit agreement lowers non-use fee on available but unused commitments from 0.30% to 0.20% per annum.
The $800M revolving credit facility also includes $50M letters of credit, matures September 30, 2025.
Interest rate is LIBOR+1.50% (plus 1.50% incremental for uncollateralized borrowings beyond borrowing base).
Lenders include affiliates of Mercedes-Benz and Toyota; the company has ongoing vehicle purchasing and floor-plan relationships.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PENSKE AUTOMOTIVE GROUP, INC. amended Ninth Amendment with Mercedes-Benz Financial Services USA LLC and Toyota Motor Credit Corporation (effective 2023-01-01).

Action: amendment
Agreement: credit facility
Counterparty: Mercedes-Benz Financial Services USA LLC and Toyota Motor Credit Corporation
Effective: 2023-01-01

Exact text from the filing

On January 1, 2023, we entered into the Ninth Amendment (the “Amendment”) to our U.S. credit agreement with Mercedes-Benz Financial Services USA LLC and Toyota Motor Credit Corporation

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PENSKE AUTOMOTIVE GROUP, INC. filing history →

Source: SEC EDGAR

accession 0001019849-23-000004

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