Shearman & Sterling advised Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representative of the several underwriters, in connection with Penske Automotive Group, Inc.’s offering of $500 million aggregate principal amount of its 5.500% senior subordinated notes due 2026.  The net proceeds from the notes offering will be used to repay amounts outstanding under the company’s U.S. credit agreement.

Penske is an international transportation services company that operates automotive dealerships principally in the United States, 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.

The Team