Mercedes-Benz Financial Joins Group 1’s Credit Facility
HOUSTON — Group 1 Automotive Inc., a Fortune 500 automotive retailer, announced today that Mercedes-Benz Financial has signed on as a partner to its existing $1.35 billion revolving credit facility that expires in March 2012. Mercedes-Benz Financial replaces BNP Paribas in the syndicated facility.
Including Mercedes-Benz Financial, the lenders in the syndicated facility now consist of four captive finance companies — Toyota Motor Credit Corporation, BMW Financial Services NA LLC and Nissan Motor Acceptance Corporation — and 16 commercial banks. The commercial banks are 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 floorplan and acquisition facility," said John C. Rickel, Group 1's senior vice president and chief financial officer. "The addition of a partner of this caliber is a plus for our credit syndicate and further expands our strategically important financial partnerships. We look forward to working with Mercedes-Benz Financial and our other financial partners going forward."
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