FORT LAUDERDALE, Fla., Jul 19, 2001 /PRNewswire/ -- AutoNation, Inc.
(NYSE: AN), America's largest automotive retailer, today announced that it is
proposing to issue approximately $300 million in senior notes due in 2008.
The Company proposes to use the net proceeds of the offering to replace existing
debt and to finance acquisitions, capital expenditures, working capital and
other general corporate needs.
The senior notes will be offered solely by means of a confidential offering
memorandum in a private placement to either qualified institutional buyers under
Rule 144A under the Securities Act of 1933 ("the Act") or in offshore
transactions pursuant to Regulation S under the Act. None of the notes that the
Company is proposing to sell in the private placement have been registered under
the Act, and they may not be offered or sold in the United States absent
registration or an applicable exception from such registration.
About AutoNation, Inc.
AutoNation, Inc., headquartered in Fort Lauderdale, Fla., is America's largest
automotive retailer, on and off the web. A Fortune 100 company, AutoNation
employs 31,000 people and operates 368 new vehicle franchises in 17 states.
FORWARD-LOOKING STATEMENTS
Certain statements and information included in this press release constitute
"forward-looking statements" within the meaning of the Federal Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of the Company to be materially
different from any future results, performance or achievements expressed or
implied in such forward-looking statements. Additional discussion of factors
that could cause actual results to differ materially from management's
projections, estimates and expectations is contained in the Company's SEC
filings. The Company undertakes no duty to update its forward- looking
statements, including its earnings outlook.
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SOURCE AutoNation, Inc.
CONTACT: Oscar Suris of AutoNation, Inc., 954-769-3576, or
[email protected]
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