Penske Automotive Group, Inc. announced that on June 15, 2021, the company completed its previously announced offering of $500,000,000 aggregate principal amount of 3.75% Senior Subordinated Notes due 2029 and related subsidiary guarantees (collectively, the “Notes”). The Notes are governed by the indenture, dated as of November 21, 2014, as supplemented by the Ninth Supplemental Indenture thereto, dated as of June 15, 2021, among us, the Guarantors as listed therein, and the Bank of New York Mellon Trust Company, N.A., as Trustee (as so supplemented, the “Indenture”), for the benefit of the holders of each Note. The Notes have been registered under the Securities Act of 1933, as amended, pursuant to a shelf registration statement filed on November 13, 2019 on Form S-3, File No. 333-234681. The net proceeds from the offering (after underwriters’ discounts and before expenses) were approximately $495.0 million. As previously disclosed, the company intend to use the net proceeds of the offering to redeem company's $500 million 5.5% senior subordinated notes due 2026 on June 24, 2021. In the interim, the company intend to use the net proceeds to repay amounts outstanding under company's U.S. credit agreement, repay various floor plan debt, and for general corporate purposes. Interest on the Notes is payable on June 15 and December 15 of each year, beginning on December 15, 2021. The Notes mature on June 15, 2029, unless earlier redeemed or purchased by us. The Notes are company's unsecured senior subordinated obligations and are guaranteed on an unsecured senior subordinated basis by company's existing 100% owned U.S. subsidiaries. The company may redeem the Notes on or after June 15, 2024 at the redemption prices specified in the Indenture. At any time prior to June 15, 2024, the company may redeem the notes at a redemption price equal to 100% of the principal thereof, plus an applicable make-whole premium, and any accrued and unpaid interest. In addition, the company may redeem up to 40% of the Notes before June 15, 2024 with net cash proceeds from certain equity offerings at a redemption price equal to 103.750% of the principal thereof, plus accrued and unpaid interest.