FORT LAUDERDALE, Fla., Oct 24, 2002 /PRNewswire-FirstCall via COMTEX/ --
AutoNation, Inc. (NYSE: AN), America's largest retailer of both new and used
vehicles, announced today it has commenced the solicitation of consents from
holders of its $450,000,000 of 9% Senior Notes due 2008 (the "Notes") to amend
the Indenture governing the Notes. The purpose of the proposed amendment is to
increase by $400 million the Company's capacity to make restricted payments
under the terms of the Indenture, including payments for the repurchase of the
Company's common stock. For a complete statement of the terms and conditions of
the consent solicitation and of the proposed amendment to the Indenture, holders
of the Notes should refer to the Consent Solicitation Statement dated October
24, 2002, which is being sent by the Company to all holders of the Notes as of
October 23, 2002, the record date for the solicitation.
The consent solicitation is conditioned on the receipt of consents from holders
of at least a majority in aggregate principal amount of the outstanding Notes
and other customary conditions. The consent solicitation will expire at 5 p.m.,
Eastern Time, on November 6, 2002, unless extended. Serving as Lead Solicitation
Agent is Banc of America Securities LLC ("BAS"), along with Wachovia Securities
serving as Co-Solicitation Agent. Questions regarding the consent solicitation
may be directed to BAS at 888-292-0070 (toll free) or 704-388-4813 (collect).
Innisfree M&A Incorporated is serving as Information Agent in connection with
the consent solicitation. Requests for assistance in delivering consents or for
additional copies of the Consent Solicitation Statement should be directed to
the Information Agent at 888-750- 5834 (toll free for Note holders) or
212-750-5833 (banks and brokers call collect). Wells Fargo Bank Minnesota,
National Association, is serving as Tabulation Agent for the consent
solicitation.
About AutoNation, Inc.
AutoNation, Inc., headquartered in Fort Lauderdale, Fla., is America's largest
retailer of both new and used vehicles. Ranked #101 on the 2002 Fortune 500,
AutoNation employs approximately 30,000 people and owns and operates 372 new
vehicle franchises in 17 states. Additional information is available in the
"About AutoNation, Inc." section of www.AutoNation.com, where consumers can find
more than 88,000 vehicles available for sale, or at corp.AutoNation.com.
FORWARD-LOOKING STATEMENTS
Certain statements and information included in this 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.
SOURCE AutoNation, Inc.
CONTACT: Oscar Suris of AutoNation, Inc., +1-954-769-3576, or
suriso@AutoNation.com
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