AutoNation Closes $500 Million Senior Note Sale; Coterra Energy Announces Board Retirements

AutoNation, Inc. announced that it completed the sale of $500 million aggregate principal amount of 5.890% Senior Notes due 2035 on February 24, 2025. The transaction, executed under an underwriting agreement entered into on February 19, 2025, was led by a group of underwriters that includes BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC. The Notes were issued at 99.995% of the aggregate principal amount, reflecting a yield to maturity of 5.890%, with interest payable semiannually beginning September 15, 2025.

The offering was conducted pursuant to AutoNation’s registration statement filed on Form S-3 with the U.S. Securities and Exchange Commission. The Notes were issued under a senior indenture originally dated April 14, 2010, and supplemented on February 24, 2025, with restrictive covenants limiting the Company’s ability to incur additional liens and engage in certain transactions. In addition, several underwriters’ affiliates are involved in providing ancillary financing through the Company’s revolving credit facility, vehicle floorplan facilities, and commercial paper program.

In a separate notice attached to the filing, Coterra Energy Inc. (NYSE: CTRA) announced that two board members, Dan O. Dinges and Robert S. Boswell, will retire from the Board of Directors at the end of their current terms and will not seek re-election at the Company’s 2025 annual meeting of stockholders.

Mr. Dinges, who previously served as Chairman, President, and Chief Executive Officer of Cabot Oil & Gas for 20 years, brought nearly four decades of executive management experience in the oil and gas sector. He contributed significant institutional knowledge from the Company’s predecessor as well as broad governance insights from multiple board roles.

Mr. Boswell, a veteran executive with over 40 years in the industry and experience as Chairman and CEO at several exploration and production companies, was recognized for his technical expertise in reserve development and extensive financial acumen. Commenting on the retirements, Coterra’s Chairman, Chief Executive Officer, and President noted, “Dan Dinges’ visionary leadership in building Cabot will remain one of the landmark stories of the shale era. His experience and wisdom have been instrumental in our early years, and we express our deepest thanks for his service. Bob Boswell defines the words professional and gracious; his depth in management and technical expertise have been a tremendous asset to our Board and team. We wish both Dan and Bob the best, and their impact has undeniably made Coterra stronger and more resilient.”

The dual disclosures highlight significant corporate finance activity by AutoNation alongside strategic board transitions at Coterra Energy, reflecting ongoing shifts in capital management and governance within the respective industries.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read AutoNation’s 8K filing here.

About AutoNation

AutoNation, Inc, through its subsidiaries, operates as an automotive retailer in the United States. The company operates through three segments: Domestic, Import, and Premium Luxury. It offers a range of automotive products and services, including new and used vehicles; and parts and services, such as automotive repair and maintenance, and wholesale parts and collision services.