Key Developments: AutoNation Inc (AN.N)
44.94USD
1 Jul 2013
$1.55 (+3.57%)
$43.39
$43.80
$45.56
$43.65
304,356
176,756
$48.90
$35.53
Latest Key Developments (Source: Significant Developments)
AutoNation Inc To Acquire Six Stores In Texas
AutoNation Inc announced that it has signed agreements to acquire Audi, Porsche and three Volkswagen stores in the Dallas, Texas market from Boardwalk Auto Group and Spring Chrysler Jeep Dodge Ram in the Houston, Texas market. Upon completion of the transactions, AutoNation will own and operate 50 franchises in the state of Texas. Upon completion of the Boardwalk acquisition, AutoNation will own and operate 19 franchises in the Dallas-Fort Worth market. Terms of the transaction were not disclosed. Full Article
AutoNation, Inc. Authorizes Additional $250 Million For Share Repurchase
AutoNation, Inc. announced that its Board of Directors has authorized the repurchase of up to an additional $250 million of the Company's common stock. Prior to the increased authorization, AutoNation had utilized substantially all of the amounts previously authorized by its Board of Directors under its share repurchase program. AutoNation has approximately 124.6 million shares outstanding as of March 23, 2012. Full Article
AutoNation, Inc. Announces Pricing Of $350 Million Aggregate Principal Amount Of Senior Notes
AutoNation, Inc. announced the pricing of $350.0 million aggregate principal amount of senior unsecured notes due 2020 at 5.500%. The Company intends to use the net proceeds from the offering of the notes to reduce borrowings under the Company's existing revolving credit facility and to pay the related transaction fees and expenses. Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and SunTrust Robinson Humphrey Inc. will act as joint book-running managers of the debt offering, with Mitsubishi UFJ Securities (USA), Inc. and Mizuho Securities (USA) Inc. acting as co-lead managers and Comerica Securities, Inc., Fifth Third Securities, Inc., PNC Capital Markets LLC and U.S. Bancorp Investments, Inc. acting as co-managers. Full Article
AutoNation, Inc. In Discussions To Enter Into New $1.5 Billion Credit Agreement
AutoNation, Inc. announced that it is in discussions with its existing lenders as well as new lenders with respect to a proposed new five year credit agreement with term loan and revolving credit facilities in the aggregate amount of approximately $1.5 billion, with an accordion feature that would allow the Company, subject to credit availability, to increase the amount of such facilities by up to $500 million in the aggregate. The new credit agreement, which would represent an approximate $328 million increase in commitments compared to the Company's existing credit agreement (without giving any effect to the accordion feature), would terminate in 2016 and would replace the Company's existing credit agreement (including the term loan facilities due 2012 and 2014 and the revolving credit facilities due 2012 and 2014). With the new credit agreement, the Company expects to increase its maximum leverage ratio covenant to 3.75x and its maximum capitalization ratio to 65%. The Company also expects to lower its borrowing costs due to reduced interest rate spreads as compared to the interest rate spreads in its term loan and revolving credit facilities due 2014. Although the Company anticipates entering into the new credit agreement in December 2011, there can be no assurance that it will enter into the new credit agreement under the terms described above, or at all. Full Article
AutoNation posts stronger-than-expected profit
DETROIT - AutoNation Inc , the largest U.S. auto dealer group, posted a stronger-than-expected profit on Thursday, its best quarterly result ever, on increased demand for both new and used cars.
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