Penske Automotive Group amends U.S. credit agreement, raising revolving capacity to $1.5 billion
Penske Automotive Group entered into an Eleventh Amendment to its U.S. credit agreement on December 2, 2024, principally increasing the facility borrowing capacity from $1.2 billion to $1.5 billion. The amended agreement extends to September 30, 2027, and includes covenants restricting dividends, asset sales, and additional debt, with substantially all U.S. assets pledged to lenders.
Key points
- Revolving loan capacity rises from $1.2 billion to $1.5 billion, plus up to $75.0 million in letters of credit
- Up to $400.0 million may be borrowed for foreign acquisitions; agreement expires September 30, 2027
- Revolving loans bear adjusted SOFR plus 1.50%; uncollateralized borrowings above the borrowing base bear adjusted SOFR plus 2.00%
- Lenders include Mercedes-Benz Financial Services USA, Toyota Motor Credit Corporation and Daimler Truck Financial Services USA
The filing
Written by AI on Nov 8, 2026, 1:12 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on December 03, 2024.
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