Group 1 Automotive announced a $1.0 billion increase in its revolving syndicated credit facility to $3.5 billion, as well as an extension of its maturity date to May 30, 2030.

The dealership group, which operates 263 dealership locations and 39 collision centers in the U.S. and U.K., said the syndicated credit facility can be expanded to $4.5 billion total availability, subject to lender approval.

The 18 lending parties in the syndicated facility include 12 commercial banks and six manufacturer-affiliated finance companies:  BMW Financial Services, Toyota Motor Credit Corporation, Mercedes-Benz Financial Services USA, American Honda Finance Corporation, VW Credit and Hyundai Capital America.

The syndication was arranged through U.S. Bank National Association, Bank of America, JPMorgan Chase Bank, Wells Fargo Bank and PNC Bank, National Association.

“The $3.5 billion amended and extended revolving credit facility further strengthens our financial flexibility by providing expanded access to reasonably priced capital to support our business strategy,” Group 1 senior vice president and chief financial officer Daniel McHenry said. “Our strong relationship with our lenders is reflected in the commitments they have made, and we want to thank them for their ongoing support and partnership.”