Penske Automotive increases U.S. credit facility from $800M to $1.2B, adds Daimler Truck as lender

PENSKE AUTOMOTIVE GROUP, INC.

Borrowing capacity raised to $1.2B from $800M; includes $75M letters of credit and $400M sublimit for foreign acquisitions.
Interest rate transitions from LIBOR to SOFR but remains at plus 1.50%, with an incremental 1.50% for uncollateralized borrowings.
New lender added: Daimler Truck Financial Services USA LLC; existing lenders Mercedes-Benz Financial and Toyota Motor Credit.
Credit agreement matures September 30, 2025; fully guaranteed by U.S. subsidiaries and secured by substantially all U.S. assets.
Covenants updated to provide additional flexibility; terms include typical events of default and financial ratios.

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 Tenth Amendment with Mercedes-Benz Financial Services USA LLC, Toyota Motor Credit Corporation, and Daimler Truck Financial Services USA LLC valued at $1.2 billion (effective 2023-04-20).

Action: amendment
Agreement: credit facility
Counterparty: Mercedes-Benz Financial Services USA LLC, Toyota Motor Credit Corporation, and Daimler Truck Financial Services USA LLC
Value: $1.2 billion
Effective: 2023-04-20

Exact text from the filing

On April 20, 2023, we entered into the Tenth Amendment (the “Amendment”) to our U.S. credit agreement with Mercedes-Benz Financial Services USA LLC and Toyota Motor Credit Corporation (as amended, the “U.S. Credit Agreement”) principally to increase the facility borrowing capacity from $800 million to $1.2 billion, add an additional lender, Daimler Truck Financial Services USA LLC, and provide us with additional flexibility in regard to the operating covenants discussed below.

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Source: SEC EDGAR

accession 0001019849-23-000062

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