WESTWOOD, Mass. -

Prime Motor Group, a network of automobile dealerships and service centers, announced the completion of a $687 million financing facility.

The company said it wanted to refinance existing debt and prepare for future expansion opportunities.

"We could not be more excited about the opportunities that lie ahead for our company, employees and dealerships," Prime Motor Group founder and chief executive officer David Rosenberg said in a news release.

"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."

The five-year syndicated credit facility is oversubscribed.

It includes a $360 million floor plan financing, a $257 million term debt facility, as well as a $70 million of delayed draw capacity to be used for prospective acquisitions and other purposes, according to the company.

Financing syndication was organized by Manufacturers and Traders Trust Co. and 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, NYCB Specialty Finance Company, TD Bank, N.A., Toyota Motor Credit Corporation and VW Credit.

Prime Motor Group’s network consists of 26 dealership and service center locations spread throughout the New England region of the U.S.