Simpson Thacher represented J.P. Morgan Securities LLC in connection with the inaugural bond offering by Ken Garff Automotive, LLC (“KGA”) of $375 million aggregate principal amount of 7.5% Senior Notes due 2023 pursuant to Rule 144A and Regulation S, which closed on August 17, 2018. The notes were issued in connection with KGA’s acquisition of the equity interests in the dealerships held by its joint venture partner, Jefferies Financial Group, in their Garcadia joint venture.
KGA is a leading private operator of automotive dealerships in the United States with 25 brands of new and used vehicles in 50 stores that comprise 86 franchises. KGA has locations in six states with concentrations of stores in the West and Midwest regions of the United States.
The Simpson Thacher team includes John C. Ericson, Matthew Levy, Grady Chang, Loren Shokes and Seth Lowinger (Capital Markets); Alexandra Kaplan and Harini Mekala (Credit); Jonathan Cantor and Jasmine Hay (Tax); Larry Moss, Jeanne Annarumma and Adam Cohen (Executive Compensation and Employee Benefits); and Lori Lesser and Loren Shokes (Intellectual Property). Summer Associate Abdul Fasinro also provided valuable assistance.