WESTWOOD, Mass., Feb. 27, 2017 /PRNewswire/ -- Prime Motor Group, a leading automotive retail and service company in New England, today announced the completion of a major $687 million financing to refinance existing debt and support future growth opportunities, including expansion of the company's footprint of high-performing dealerships.
The five-year syndicated credit facility, which was oversubscribed, includes a $360 million floor plan financing, a $257 million term debt facility, and $70 million of delayed draw capacity to be used for potential acquisitions and other uses.
Financing syndication was arranged by Manufacturers and Traders Trust Company, with SunTrust Bank serving as the co-lead. Eight lenders participated, including Manufacturers and Traders Trust Company, SunTrust Bank, KeyBank National Association, Mercedes-Benz Financial Services USA LLC, NYCB Specialty Finance Company, LLC, TD Bank, N.A., Toyota Motor Credit Corporation and VW Credit, Inc.
"Prime Motor Group has a bright future, and this new $687 million facility will provide the company with a substantial runway for growth over the next five years," said David Rosenberg, the founder and chief executive officer. "We could not be more excited about the opportunities that lie ahead for our company, employees and dealerships."
About Prime Motor Group
Prime Motor Group, which is owned by David Rosenberg and Abrams Capital, is regarded as an industry-leading network of automobile dealerships and service centers. Providing a large selection of new and pre-owned automobiles, Prime Motor Group has 26 dealership locations throughout New England. Prime Motor Group service centers are equipped with state-of-the-art diagnostic equipment and staffed by expert technicians. Additional information can be found online at www.driveprime.com.
For More Information Contact:
Prime Motor Group:
Director of Marketing
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/prime-motor-group-completes-major-687-million-refinancing-to-support-growth-expand-high-performing-dealerships-300413850.html
SOURCE Prime Motor Group