United Auto to offer $250 mln convertible notes

Newswire

Jan 23 (Reuters) - Car dealership United Auto Group Inc. on Monday said it intends to offer $250 million aggregate principal amount of fixed-rate convertible senior subordinated notes due 2026 in a private offering. The company in a news release said it would grant an over-allotment option for an additional $50 million. United Auto said it plans to use the net proceeds to repay long-term debt under its U.S. revolving senior credit facility and to purchase simultaneously with the offering ...

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