Penske Automotive Group, Inc. announced the pricing of $500 million aggregate principal amount of 3.75% Senior Subordinated Notes due 2029. The sale of the 2029 notes, which is subject to customary closing conditions, is expected to be completed on June 15, 2021. The company intends to use the net proceeds of this offering to redeem its $500 million 5.5% Senior Subordinated Notes due 2026 on June 24, 2021. In the interim, the company intend to repay amounts outstanding under its U.S. credit agreement, to repay various floor plan debt, and for general corporate purposes.