Asbury to repay $50 million under revolver via senior note proceeds

By Taylor Fox

New York, Sept. 14 – Asbury Automotive Group, Inc. plans to repay $50 million outstanding under its revolving credit facility using proceeds from an offering of $250 million of senior notes due 2028 and 2030, according to a press release.

The company also plans to use the note proceeds to repay $150 million of a 4% promissory note due August 2021 and $50 million of a 4% promissory note due February 2022 used to finance the recently completed acquisition of some assets of the Park Place Dealership group.

Any remaining proceeds will be used for general corporate purposes, which may include the repayment of additional debt outstanding under its revolver or other debt under its senior credit facility.

Asbury is a Duluth, Ga.-based automotive retailer.

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