Penske Automotive Group expands UK revolving credit facility to £200M, extends term to Jan 2027

PENSKE AUTOMOTIVE GROUP, INC.

UK credit facility increased from £150M to £200M; term extended to Jan 2027 with option to Jan 2028.
Interest rates set at SONIA plus 1.10% to 2.10% on revolving loans.
£100M accordion feature allows UK subs to request additional capacity, subject to lender approval.
Covenants include EBITAR/interest ratio, max capital expenditures, and debt/EBITDA ratio.
BMW Financial, a lender, also provides vehicle purchases, mortgage, floor-plan, and consumer financing to Penske.

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 U.K. credit agreement with National Westminster Bank Plc and BMW Financial Services (GB) Limited valued at £200.0 million (effective 2023-01-31).

Action: amendment
Agreement: credit facility
Counterparty: National Westminster Bank Plc and BMW Financial Services (GB) Limited
Value: £200.0 million
Effective: 2023-01-31

Exact text from the filing

On January 31, 2023, we amended and restated our revolving credit agreement among our subsidiaries in the U.K. (the "U.K. subsidiaries") and National Westminster Bank Plc and BMW Financial Services (GB) Limited ("BMW Financial") (the "U.K. credit agreement") principally to expand the facility from £150.0 million to £200.0 million, extend the term to January 2027 (with an option to extend the term to January 2028 as described below), and provide additional flexibility with respect to certain operating covenants noted below.

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PENSKE AUTOMOTIVE GROUP, INC. filing history →

Source: SEC EDGAR

accession 0001019849-23-000014

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