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Document/Exhibit Description Pages Size 1: 424B5 Prospectus - Primary Offering or Shelf Securities HTML 871K - New Facts or Events
tm2116684-3_424b5 - none - 11.6563065s |
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Title of Each Class of Securities to be Registered
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Maximum
Aggregate Offering Price |
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Amount of
Registration Fee |
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3.75% Senior Subordinated Notes due 2029
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| | | $ | 500,000,000 | | | | | $ | 54,550(1) | | |
Guarantees of 3.75% Senior Subordinated Notes due 2029
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| | | | N/A | | | | | | N/A(2) | | |
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Per Note
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Total
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Public offering price
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| | | | 100.000% | | | | | $ | 500,000,000 | | |
Underwriting discount
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| | | | 1.000% | | | | | $ | 5,000,000 | | |
Proceeds, before expenses, to us
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| | | | 99.000% | | | | | $ | 495,000,000 | | |
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Three Months Ended
March 31, |
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Year Ended December 31,
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(dollars in millions)
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2021
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2020
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2020
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2019
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2018(1)
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Consolidated Statement of Operations Data:
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Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail automotive dealership
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| | | $ | 5,206.9 | | | | | $ | 4,416.6 | | | | | $ | 17,928.8 | | | | | $ | 20,615.8 | | | | | $ | 20,849.2 | | |
Retail commercial truck dealership
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| | | | 434.7 | | | | | | 491.4 | | | | | | 2,060.9 | | | | | | 2,050.5 | | | | | | 1,374.5 | | |
Commercial vehicle distribution and other
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| | | | 132.2 | | | | | | 101.1 | | | | | | 454.2 | | | | | | 513.1 | | | | | | 561.4 | | |
Total revenues
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| | | | 5,773.8 | | | | | | 5,009.1 | | | | | | 20,443.9 | | | | | | 23,179.4 | | | | | | 22,785.1 | | |
Gross profit
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| | | | 913.2 | | | | | | 776.7 | | | | | | 3,184.5 | | | | | | 3,455.5 | | | | | | 3,414.9 | | |
Selling, general and administrative expenses
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| | | | 664.3 | | | | | | 641.8 | | | | | | 2,364.5 | | | | | | 2,693.2 | | | | | | 2,646.3 | | |
Depreciation
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| | | | 29.3 | | | | | | 28.5 | | | | | | 115.5 | | | | | | 109.6 | | | | | | 103.7 | | |
Operating income
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| | | | 219.6 | | | | | | 106.4 | | | | | | 704.5 | | | | | | 652.7 | | | | | | 664.9 | | |
Floor plan interest expense
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| | | | (9.5) | | | | | | (17.7) | | | | | | (46.3) | | | | | | (84.5) | | | | | | (80.9) | | |
Other interest expense
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| | | | (17.9) | | | | | | (31.7) | | | | | | (119.6) | | | | | | (124.2) | | | | | | 114.7 | | |
Equity in earnings of affiliates
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| | | | 55.4 | | | | | | 14.5 | | | | | | 169.0 | | | | | | 147.5 | | | | | | 134.8 | | |
Income from continuing operations before
income taxes |
| | | | 247.6 | | | | | | 71.5 | | | | | | 707.6 | | | | | | 591.5 | | | | | | 604.1 | | |
Income taxes
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| | | | (64.5) | | | | | | (20.1) | | | | | | (162.7) | | | | | | (156.7) | | | | | | (134.3) | | |
Income from continuing operations
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| | | | 183.1 | | | | | | 51.4 | | | | | | 544.9 | | | | | | 434.8 | | | | | | 469.8 | | |
Income from discontinued operations, net
of tax |
| | | | — | | | | | | 0.1 | | | | | | 0.4 | | | | | | 0.3 | | | | | | 0.5 | | |
Net income
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| | | | 183.1 | | | | | | 51.5 | | | | | | 545.3 | | | | | | 435.1 | | | | | | 470.3 | | |
Less: Income (loss) attributable to non-controlling interests
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| | | | 0.6 | | | | | | (0.2) | | | | | | 1.7 | | | | | | (0.7) | | | | | | (0.7) | | |
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Three Months Ended
March 31, |
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Year Ended December 31,
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(dollars in millions)
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2021
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2020
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2020
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2019
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2018(1)
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Net income attributable to Penske Automotive Group common stockholders
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| | | $ | 182.5 | | | | | $ | 51.7 | | | | | $ | 543.6 | | | | | $ | 435.8 | | | | | $ | 471.0 | | |
Gross Profit Margin Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail automotive dealership
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| | | | 15.4% | | | | | | 15.4% | | | | | | 15.5% | | | | | | 14.7% | | | | | | 14.7% | | |
Retail commercial truck dealership
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| | | | 18.4% | | | | | | 14.0% | | | | | | 13.6% | | | | | | 13.5% | | | | | | 15.4% | | |
Commercial vehicle distribution and other
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| | | | 25.2% | | | | | | 29.5% | | | | | | 26.9% | | | | | | 27.1% | | | | | | 25.8% | | |
Balance Sheet Data (at end of period): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
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| | | $ | 94.6 | | | | | $ | 431.9 | | | | | $ | 49.5 | | | | | $ | 28.1 | | | | | $ | 39.4 | | |
Working capital
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| | | | (229.8) | | | | | | 166.8 | | | | | | (266.1) | | | | | | (116.9) | | | | | | 46.9 | | |
Inventories
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| | | | 3,277.8 | | | | | | 4,262.7 | | | | | | 3,425.6 | | | | | | 4,260.7 | | | | | | 4,040.1 | | |
Total assets
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| | | | 13,222.0 | | | | | | 13,816.8 | | | | | | 13,247.2 | | | | | | 13,942.7 | | | | | | 10,904.5 | | |
Floor plan notes payable
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| | | | 3,021.6 | | | | | | 3,889.1 | | | | | | 3,144.3 | | | | | | 4,006.5 | | | | | | 3,790.8 | | |
Long-term debt (including current portion)
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| | | | 1,580.5 | | | | | | 2,620.7 | | | | | | 1,689.6 | | | | | | 2,360.3 | | | | | | 2,216.7 | | |
Total Penske Automotive Group stockholders’ equity
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| | | | 3,462.2 | | | | | | 2,689.7 | | | | | | 3,302.5 | | | | | | 2,793.4 | | | | | | 2,609.1 | | |
Other Financial Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by continuing operating activities
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| | | | 239.3 | | | | | | 211.9 | | | | | | 1,201.5 | | | | | | 518.3 | | | | | | 614.2 | | |
Net cash used in continuing investing activities
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| | | | (18.3) | | | | | | (16.1) | | | | | | (136.5) | | | | | | (532.7) | | | | | | (525.2) | | |
Net cash (used in) provided by continuing financing activities
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| | | | (174.1) | | | | | | 209.9 | | | | | | (1,053.9) | | | | | | 2.6 | | | | | | (94.3) | | |
Ratio of Adjusted EBITDA to other interest expense(2)
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| | | | 16.5 | | | | | | 4.2 | | | | | | 7.9 | | | | | | 6.6 | | | | | | 7.1 | | |
Ratio of long-term debt to Adjusted EBITDA
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| | | | 1.4 | | | | | | 3.4 | | | | | | 1.8 | | | | | | 2.9 | | | | | | 2.7 | | |
Other operating data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
New vehicle retail units sold
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| | | | 50,409 | | | | | | 43,187 | | | | | | 178,437 | | | | | | 222,704 | | | | | | 235,964 | | |
Used vehicle retail units sold
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| | | | 60,443 | | | | | | 63,050 | | | | | | 233,469 | | | | | | 284,190 | | | | | | 282,542 | | |
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Three months
Ended March 31, |
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Year Ended December 31,
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2020
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2020
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2019
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2018
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Net income
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| | | $ | 183.1 | | | | | $ | 51.5 | | | | | $ | 545.3 | | | | | $ | 435.1 | | | | | $ | 470.3 | | |
Income from discontinued operations, net of tax
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| | | | — | | | | | | 0.1 | | | | | | 0.4 | | | | | | 0.3 | | | | | | 0.5 | | |
Income from continuing operations
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| | | | 183.1 | | | | | | 51.4 | | | | | | 544.9 | | | | | | 434.8 | | | | | | 469.8 | | |
Other interest expense
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| | | | 17.9 | | | | | | 31.7 | | | | | | 119.6 | | | | | | 124.2 | | | | | | 114.7 | | |
Income taxes
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| | | | 64.5 | | | | | | 20.1 | | | | | | 162.7 | | | | | | 156.7 | | | | | | 134.3 | | |
Depreciation
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| | | | 29.3 | | | | | | 28.5 | | | | | | 115.5 | | | | | | 109.6 | | | | | | 103.7 | | |
EBITDA
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| | | $ | 294.8 | | | | | $ | 131.7 | | | | | $ | 942.7 | | | | | $ | 825.3 | | | | | $ | 822.5 | | |
Less: Net gain on dealership sales
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| | | | — | | | | | | — | | | | | | (3.3) | | | | | | — | | | | | | (22.7) | | |
Add: Valuation adjustments and termination of
franchises |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 18.7 | | |
Add: Loss on debt extinguishment
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| | | | — | | | | | | — | | | | | | 6.4 | | | | | | — | | | | | | — | | |
Adjusted EBITDA
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| | | $ | 294.8 | | | | | $ | 131.7 | | | | | $ | 945.8 | | | | | $ | 825.3 | | | | | $ | 818.5 | | |
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As of March 31, 2021
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(dollars in millions)
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Actual
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As Adjusted
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Cash and cash equivalents
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| | | $ | 94.6 | | | | | $ | 74.6 | | |
Secured Debt (including current portion): | | | | | | | | | | | | | |
U.S. Credit Agreement – revolving credit line(1)
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| | | $ | — | | | | | $ | — | | |
U.K. Credit Agreement – revolving credit line(1)
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| | | $ | — | | | | | $ | — | | |
U.K. Credit Agreement – overdraft line of credit(1)
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| | | $ | — | | | | | $ | — | | |
Australian capital loan(1)
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| | | $ | 30.7 | | | | | $ | 30.7 | | |
Australian working capital loan
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| | | $ | 0.4 | | | | | $ | 0.4 | | |
Mortgage facilities
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| | | $ | 453.7 | | | | | $ | 453.7 | | |
Other
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| | | $ | 55.5 | | | | | $ | 55.5 | | |
Total Secured Debt
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| | | $ | 540.3 | | | | | $ | 540.3 | | |
Unsecured Debt (including current portion)(2): | | | | | | | | | | | | | |
3.5% senior subordinated note due 2025
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| | | $ | 550.0 | | | | | $ | 550.0 | | |
5.5% senior subordinated notes due 2026(3)
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| | | $ | 500.0 | | | | | $ | — | | |
New 3.75% senior subordinated notes due 2029 offered hereby
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| | | $ | — | | | | | $ | 500.0 | | |
Unamortized Debt Discount
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| | | $ | (9.8) | | | | | $ | (12.6) | | |
Total Unsecured Debt
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| | | $ | 1,040.2 | | | | | $ | 1,037.4 | | |
Total long-term debt
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| | | $ | 1,580.5 | | | | | $ | 1,577.7 | | |
Total stockholders’ equity(4)
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| | | $ | 3,462.2 | | | | | $ | 3,462.2 | | |
Total capitalization
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| | | $ | 5,042.7 | | | | | $ | 5,039.9 | | |
Description
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Maturity Date
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Interest Payment Dates
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Principal Amount
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3.50% Notes
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February 15, August 15
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| | $550 million | | |
5.50% Notes
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| | May 15, 2026 | | |
May 15, November 15
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| | $500 million(1) | |
Year
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Redemption
Price |
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| | | | 101.875% | | | |
| | | | 100.938% | | | |
June 15, 2026 and thereafter
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| | | | 100.000% | | |
Underwriter
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Principal
Amount of Notes |
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BofA Securities, Inc.
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| | | $ | 200,000,000 | | |
J.P. Morgan Securities LLC
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| | | | 100,000,000 | | |
Wells Fargo Securities, LLC
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| | | | 100,000,000 | | |
Citizens Capital Markets, Inc.
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| | | | 20,000,000 | | |
Fifth Third Securities, Inc.
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| | | | 20,000,000 | | |
MUFG Securities Americas Inc.
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| | | | 20,000,000 | | |
PNC Capital Markets LLC
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| | | | 20,000,000 | | |
U.S. Bancorp Investments, Inc.
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| | | | 20,000,000 | | |
Total
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| | | $ | 500,000,000 | | |
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This ‘424B5’ Filing | Date | Other Filings | ||
---|---|---|---|---|
6/15/29 | ||||
6/15/26 | ||||
5/15/26 | ||||
9/1/25 | ||||
6/15/25 | ||||
6/15/24 | ||||
12/12/23 | ||||
9/30/23 | ||||
6/30/23 | ||||
9/1/22 | ||||
12/31/21 | 10-K, 11-K | |||
12/15/21 | ||||
6/24/21 | ||||
6/15/21 | 8-K | |||
Filed on: | 5/26/21 | 8-K | ||
5/25/21 | 424B5, 8-K, FWP, POSASR | |||
5/15/21 | ||||
4/28/21 | 8-K | |||
4/12/21 | ||||
3/31/21 | 10-Q | |||
1/28/21 | ||||
12/31/20 | 10-K, 11-K, 5 | |||
3/31/20 | 10-Q, 8-K | |||
12/31/19 | 10-K, 11-K, 5 | |||
11/13/19 | 4, S-3ASR | |||
9/30/19 | 10-Q | |||
9/1/19 | ||||
12/31/18 | 10-K, 11-K, 5 | |||
12/12/18 | 3, 4 | |||
12/31/17 | 10-K, 11-K, 5 | |||
12/31/16 | 10-K, 11-K | |||
5/1/15 | 10-Q | |||
11/21/14 | 8-K | |||
3/18/02 | ||||
List all Filings |