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News Nov 21, 2014

Shearman & Sterling Advises on Penske Automotive Group, Inc.’s $300 Million Senior Subordinated Notes Offering

Shearman & Sterling advised Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representative of the several underwriters, in connection with Penske Automotive Group, Inc.’s (“Penske”) offering of $300 million aggregate principal amount of its 5.375% Senior Subordinated Notes due 2024. The net proceeds from the notes offering will be used to repay amounts outstanding under the company’s US credit agreement.

Penske is an international transportation services company that operates automotive dealerships principally in the United States and Western Europe and distributes commercial vehicles, engines, power systems and related parts and services principally in Australia and New Zealand.

The following Shearman & Sterling lawyers advised the initial purchaser in this transaction: partners Douglas McFadyen (New York-Tax), and Russell Sacks (New York-Financial Institutions Advisory & Financial Regulatory); counsel Jason Pratt (New York-Environmental) and Sanjeev Magoon (New York-Tax); and associates Lesley Janzen (New York-Capital Markets), Jennifer Morton (New York-Financial Institutions Advisory & Financial Regulatory), Bob Xiong (New York-Capital Markets), Jenny Ding (New York-Corporate) and Adaeze Udoji (New York-Corporate).