AutoNation Inc. has obtained a $600 million investment grade credit facility, it announced Friday. The facility is unsecured and lasts five years.
The deal replaces a five-year, $300 million facility that expires Aug. 9, and a $200 million, 364-day facility expiring Aug. 5.
The deal will be administered through JP Morgan Chase Bank, and its syndication agent is Bank of America.
The vehicle retailer said it will be used for general corporate purposes. AutoNation CFO Craig Monaghan said the credit spreads are more than 100 basis points, or two percentage points, less than the previous five-year facility.
AutoNation of Fort Lauderdale, Fla., ranks No. 1 on Automotive News' list of U.S. retail sales with 410,621 in 2004.