Shearman & Sterling represented Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representative of the several initial purchasers, in connection with Penske Automotive Group, Inc.’s offering of $550,000,000 aggregate principal amount of 5.75% Senior Subordinated Notes due 2022. Merrill Lynch, Pierce, Fenner & Smith Incorporated also acted as dealer manager in the concurrent tender offer for any and all of the outstanding $375,000,000 aggregate principal amount of Penske’s 7.75% Senior Subordinated Notes due 2016. The proceeds from the notes offering were used, in part, to fund the tender offer and in part to repay amounts outstanding under Penske’s U.S. revolving credit facility.
Penske is the second largest automotive retailer headquartered in the United States, as measured by revenue. It operates a number of retail automotive franchises, located in the United States and Puerto Rico as well as internationally, primarily in the United Kingdom.
The Shearman & Sterling team included partners Jason Lehner (New York/Toronto-Capital Markets) and Michael Benjamin (New York-Capital Markets) and associates Peter Saad (Toronto-Capital Markets), Dora Athanasiadou (New York-Capital Markets) and Peter Dueck (Toronto-Capital Markets). The Shearman & Sterling team also included partnersCraig Gibian (Washington, DC-Tax); counsel Jason Pratt (New York-Real Estate/Environmental), Sharon Lippett (New York-Executive Compensation & Employee Benefits), and Sanjeev Magoon (Washington, DC-Tax); and associates Gerald Feige (Washington, DC-Tax) and Jonathan Skinner (New York-Real Estate/Environmental).
