New Captive Finance Company Joins Group 1 Credit Facility
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HOUSTON — Group 1 Automotive revealed on Tuesday a new lending partner in its syndicated credit facility to take the spot of BNP Paribas.
Joining the $1.35 revolving credit facility was Mercedes-Benz Financial, which bumps the number of captive lenders in the facility up to four. Along with the four captives (Mercedes-Benz Financial; Toyota Motor Credit Corp.; BMW Financial Services NA, LLC; and Nissan Motor Acceptance Corp.), there are 16 commercial banks in the facility, which expires March 2012.
Composing the lot of commercial banks are the following: JPMorgan Chase Bank, N.A.; Bank of America, N.A.; Comerica Bank; Key Bank; Sovereign Bank; U.S. Bank, N.A.; Wells Fargo Bank, National Association; Barclays Bank PLC; Citizens Bank New Hampshire; Deutsche Bank AG, New York Branch; Fifth Third Bank; PNC Bank N.A.; SunTrust Bank; World Omni Financial Corp.; Amarillo National Bank; and Bank of Oklahoma, N.A.
"We are delighted with Mercedes-Benz Financial's decision to join our floor plan and acquisition facility," stated John Rickel, senior vice president and chief financial officer at Group 1.
"The addition of a partner of this caliber is a plus for our credit syndicate and further expands our strategically important financial partnerships," he added. "We look forward to working with Mercedes-Benz Financial and our other financial partners going forward."
