XML 32 R18.htm IDEA: XBRL DOCUMENT v3.21.2
DEBT
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
DEBT DEBT
Debt consisted of the following (in millions):
September 30, 2021December 31, 2020
4.00% Senior Notes due August 15, 2028
$550.0 $550.0 
Acquisition Line53.8 47.8 
Other Debt:
Real estate related598.1 619.8 
Finance leases 126.6 124.8 
Other13.9 20.0 
Total other debt738.6 764.6 
Total debt1,342.4 1,362.4 
Less: unamortized debt issuance costs8.511.0
Less: current maturities57.656.7
Total long-term debt$1,276.3 $1,294.7 
Acquisition Line
The proceeds of the Acquisition Line (as defined in Note 9. Floorplan Notes Payable) are used for working capital, general corporate and acquisition purposes. As of September 30, 2021, borrowings under the Acquisition Line, a component of the Revolving Credit Facility (as defined in Note 9. Floorplan Notes Payable), totaled $53.8 million. The average interest rate on this facility was 1.05% during the three months ended September 30, 2021.
Real Estate Related
The Company has mortgage loans in the U.S. and the U.K. that are paid in installments. As of September 30, 2021, borrowings outstanding under these facilities totaled $598.1 million, gross of debt issuance costs, comprised of $505.2 million in the U.S. and $92.8 million in the U.K.
New 4.00% Senior Notes
On October 21, 2021, the Company issued an additional $200.0 million aggregate principal amount of its 4.00% Senior Notes due 2028 (the “New Notes”) for net proceeds of approximately $199.7 million. The New Notes will have identical terms as the initial 4.00% Senior Notes issued on August 17, 2020, and will be treated as a single class of securities.
Bridge Facility
In connection with entering into the Purchase Agreement, the Company entered into a commitment letter, dated September 12, 2021 (the “Commitment Letter”), with Wells Fargo Bank, National Association (“Wells Fargo”), pursuant to which, among other things, Wells Fargo has committed to provide a portion of the debt financing for the Prime Acquisition, consisting of a $250.0 million unsecured bridge loan (the “Bridge Facility”), on the terms and subject to the conditions set forth in the Commitment Letter. Although Wells Fargo has committed to fund up to $250.0 million under the Bridge Facility, the Company anticipates utilizing only a portion of such commitment to finance the Prime Acquisition. The Bridge Facility is subject to mandatory prepayment at 100% of the outstanding principal amount thereof with the net proceeds from the issuance of any debt securities of the Company and upon other specified events. The obligation of Wells Fargo to provide this debt financing is subject to a number of customary conditions, including, without limitation, execution and delivery of certain definitive documentation.