UnitedAuto Group Inc., the Detroit-based auto dealer group, announced March 13 it has begun a public stock offering of 6 million shares.
The shares are valued at $22 each, the company said.
UnitedAuto Group Announces Public Stock Offering
by Staff
March 13, 20021 min to read
Of the 6 million shares, half will be sold by the company and half by "certain selling shockholders," according to a company statement.
The company expects the offering to end on March 18. Proceeds from the offering will go to repay company term loans and reduce the revolving portion of its credit agreement, according to UnitedAuto.
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