Le Lézard
Classified in: Transportation, Business
Subject: TNM

DriveTime Automotive Group, Inc. Announces Termination Of Tender Offer And Consent Solicitation


TEMPE, Ariz., June 19, 2019 /PRNewswire/ -- DriveTime Automotive Group, Inc. and Bridgecrest Acceptance Corporation (f/k/a DT Acceptance Corporation) (together "DriveTime") announced today that they have withdrawn their previously announced cash tender offer to purchase any and all of their outstanding $400,000,000 aggregate principal amount of 8.00% Senior Secured Notes due 2021 (CUSIP Nos. 26209NAK9 and U26449AE5) (the "Notes") and the related consent solicitation. The tender offer and consent solicitation were conditioned upon one or more debt financing transactions including a new note offering. DriveTime determined to not move forward with the new note offering based on market conditions, and as a result, DriveTime withdrew the tender offer and consent solicitation.

About DriveTime

DriveTime is making a difference in the lives of customers by providing the vehicle to empower the customer on their road to success.  Headquartered in Tempe, Arizona, DriveTime is one of the nation's largest vehicle retailers with a primary focus on the sale and financing of used vehicles and related products.  DriveTime's unique fully integrated business model of 138 company-owned dealerships nationwide and loan servicing centers provide our customers with a comprehensive end-to-end solution for their automotive needs.  DriveTime is transforming the buying and financing of a used vehicle with a fair and transparent experience focused on matching the right customer with the right vehicle under the right financing terms.

Contacts

Mary Leigh N. Phillips
Chief Financial Officer
(602) 667-2502
[email protected]

Daniel Gaudreau
Treasurer
(602) 667-2502
[email protected]

 

SOURCE DriveTime Automotive Group, Inc.


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