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AutoNation Announces Pricing of $750 Million Aggregate Principal Amount of Senior Notes

Nov. 07, 2017

FORT LAUDERDALE, Fla., Nov. 7, 2017 /PRNewswire/ -- AutoNation, Inc. (NYSE: AN), America's largest automotive retailer (the "Company"), announced today the pricing of $450 million aggregate principal amount of senior unsecured notes due 2024 at 3.500% (the "2024 Notes") and $300 million aggregate principal amount of senior unsecured notes due 2027 at 3.800% (the "2027 Notes" and together with the 2024 Notes, the "notes").  The 2024 Notes will be issued at 99.876% of the aggregate principal amount, representing a yield to maturity of 3.520%, and the 2027 Notes will be issued at 99.925% of the aggregate principal amount, representing a yield to maturity of 3.809%.  The offering is expected to close on November 10, 2017, subject to customary closing conditions.

The Company intends to use the net proceeds from the offering of the notes to reduce borrowings under the Company's existing commercial paper program and/or revolving credit facility and for general corporate purposes.

J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, SunTrust Robinson Humphrey, Inc., Wells Fargo Securities, LLC, Mizuho Securities USA LLC and MUFG Securities Americas Inc. are acting as joint book-running managers of the debt offering.

The offering is being made solely by means of a prospectus supplement and accompanying prospectus, which has been filed with the Securities and Exchange Commission (the "SEC").  Copies of these documents may be obtained on the SEC's website, Alternatively, you may request these documents by contacting J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY 10179, Attention: Investment Grade Syndicate Desk, 3rd Floor (tel: collect at 212-834-4533), Merrill Lynch, Pierce, Fenner & Smith Incorporated, 222 Broadway, New York, NY 10038, Attention: Prospectus Department (email:, SunTrust Robinson Humphrey, Inc., 303 Peachtree Street, Atlanta, GA 30308, Attention: Prospectus Department (tel: 800-685-4786, email:, or Wells Fargo Securities, LLC, 608 2nd Avenue South, Minneapolis, MN 55402, Attention: WFS Customer Service (tel: 800-645-3751, email:

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company, and shall not constitute an offer, solicitation or sale in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful.

About AutoNation, Inc.

AutoNation, America's largest automotive retailer, through its bold leadership, innovation and its comprehensive brand extensions, is transforming the automotive industry. As of September 30, 2017, AutoNation owned and operated 361 new vehicle franchises from coast to coast. AutoNation has sold over 11 million vehicles, the first automotive retailer to reach this milestone. AutoNation's success is driven by a commitment to delivering a peerless experience through customer-focused sales and service processes. Through its Drive Pink initiative, AutoNation is committed to drive out cancer, create awareness and support critical research. AutoNation continues to be a proud supporter of the Breast Cancer Research Foundation and other cancer-related charities.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Words such as "anticipates," "expects," "intends," "goals," "plans," "believes," "continues," "may," "will," "could," and variations of such words and similar expressions are intended to identify such forward-looking statements. Statements that describe our objectives, goals or plans are forward-looking statements. Our forward-looking statements reflect our current expectations concerning future results and events, and they involve known and unknown risks, uncertainties and other factors that are difficult to predict and may cause our actual results, performance or achievements to be materially different from any future results, performance and achievements expressed or implied by these statements. These risks, uncertainties and other factors include, among others: economic conditions generally; conditions in the credit markets and changes in interest rates; the current market demand for these types of securities and the securities of the Company; our ability to consummate the offering; and other factors described in our news releases and filings made under the securities laws, including, among others, our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. Forward-looking statements contained in this news release speak only as of the date of this news release, and we undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances.

AutoNation logo (PRNewsFoto/AutoNation, Inc.)



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Marc Cannon, (954) 769-3146,; or Investor contacts: Andrew Wamser, (954) 769-7023,; or Robert Quartaro, (954) 769-7342,

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