PR Newswire | Oct 1, 2020 04:16PM EDT

2022

10/01 15:15 CDT

Penske Automotive Completes Redemption Of 5.75% Senior Subordinated Notes Due 2022 BLOOMFIELD HILLS, Mich., Oct. 1, 2020

BLOOMFIELD HILLS, Mich., Oct. 1, 2020 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company, today announced that it has completed the redemption of all of its $550 million in aggregate principal amount of 5.75% Senior Subordinated Notes due 2022 ("the 2022 Notes"). The redemption was principally funded with the proceeds from the issuance of $550 million aggregate principal amount of 3.5% Senior Subordinated Notes due 2025 which was completed in August 2020.

The redemption of the 2022 Notes will reduce the company's future interest expense by approximately $12.0 million annually and extends the maturity of $550 million in senior subordinated debt by three years from 2022 to 2025.

About Penske AutomotivePenske Automotive Group, Inc., (NYSE:PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States, the United Kingdom, Canada, and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. PAG is a member of the Fortune 500, Russell 1000, and Russell 3000 indexes, and is ranked among the World's Most Admired Companies by Fortune Magazine. For additional information, visit the company's website at www.penskeautomotive.com.

Inquiries should contact:

J.D. Carlson Anthony R. Pordon

Executive Vice President and Executive Vice President Investor Relations

Chief Financial Officer and Corporate Development

Penske Automotive Group, Inc. Penske Automotive Group, Inc.

248-648-2810 248-648-2540

jcarlson@penskeautomotive.com tpordon@penskeautomotive.com

View original content to download multimedia: http://www.prnewswire.com/news-releases/penske-automotive-completes-redemption-of-5-75-senior-subordinated-notes-due-2022--301144411.html

SOURCE Penske Automotive Group, Inc.