---
schema_version: "secwatch.filing_event.v1"
accession: "0001019849-23-000062"
form_type: "8-K"
ticker: "PAG"
cik: "0001019849"
company_name: "PENSKE AUTOMOTIVE GROUP, INC."
filed_at: "2023-04-21T23:59:59+00:00"
generated_at: "2026-06-16T20:58:30.687031+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001019849-23-000062
- form_type: 8-K
- ticker: PAG
- cik: 0001019849
- company_name: PENSKE AUTOMOTIVE GROUP, INC.
- filed_at: 2023-04-21T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1019849/000101984923000062/0001019849-23-000062-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1019849/000101984923000062/pag-20230420.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001019849-23-000062
- JSON: https://secwatch.observer/filing/0001019849-23-000062.json
- Plain text: https://secwatch.observer/filing/0001019849-23-000062.txt

## Key facts
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1019849/000101984923000062/0001019849-23-000062-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.