Prime Motor Group Commits $687 Million To Expanding Dealerships
Feb. 28, 2017—Prime Motor Group, an automotive retail and service company in New England, today announced the completion of a major $687 million financing to refinance existing debt and support future growth opportunities, including expansion of the company's footprint of dealerships.
The five-year syndicated credit facility, which was oversubscribed, includes a $360 million floor plan financing, a $257 million term debt facility, and $70 million of delayed draw capacity to be used for potential acquisitions and other uses.
Financing syndication was arranged by the Manufacturers and Traders Trust Company, with SunTrust Bank serving as the co-lead. Eight lenders participated, including Manufacturers and Traders Trust Company, SunTrust Bank, KeyBank National Association, Mercedes-Benz Financial Services USA LLC, NYCB Specialty Finance Company, LLC, TD Bank, N.A., Toyota Motor Credit Corporation and VW Credit, Inc.
"Prime Motor Group has a bright future, and this new $687 million facility will provide the company with a substantial runway for growth over the next five years," said David Rosenberg, the founder and CEO. "We could not be more excited about the opportunities that lie ahead for our company, employees and dealerships."