Shearman And Sterling

News May 25, 2016

Shearman & Sterling Advises on Penske Automotive Group, Inc.’s $500 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 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 Shearman & Sterling team was led by partner Jason Lehner (New York/Toronto-Capital Markets); counsel Harald Halbhuber (New York-Capital Markets); and associates Naveen Pogula (New York-Capital Markets), Drew Valentine (New York-Capital Markets) and Erika Khalek (New York-Corporate).  Other key members of the team included; counsel Jennifer Morton (New York-Financial Institutions Advisory & Financial Regulatory); and associates Jenny Ding (New York-Financial Institutions Advisory & Financial Regulatory) and Adam Sternberg (New York-Tax).