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Asbury Automotive gets tenders for 95.2% of 9% notes
By Jennifer Chiou
New York, March 26 - Asbury Automotive Group, Inc. said it accepted tenders from holders of $238.092 million or 95.2% of its $250 million of 9% senior subordinated notes due 2012.
The tender offer expired at midnight ET on March 23. The company began the offer and consent solicitation on Feb. 26.
The company said it paid $1,051.58 per $1,000 principal amount of notes. The tender consideration was determined based on the yield to the first call date - June 15, 2007 - equal to the sum of the bid-side yield of the 3½% U.S. Treasury note due May 31, 2007 plus 50 basis points.
The tender consideration included a consent fee of $30.00 per $1,000 principal amount of notes tendered by 5 p.m. ET on March 7, the consent deadline.
The company also paid accrued interest up to but excluding the payment date.
At the early deadline, the company had received tenders and consents from the holders of $238.047 million of the notes.
The consents received were sufficient to amend the indenture governing the notes, and Asbury said its supplemental indenture is now operative.
The tender offer was subject to the receipt of sufficient financing. Asbury Automotive said it completed its previously announced sale of $150 million of 7 5/8% senior subordinated notes due 2017 and $115 million of 3% senior subordinated convertible notes due 2012, the proceeds of which went towards the tender.
Goldman, Sachs & Co. (800 828-3182 or 212 357-0775) was the dealer manager and solicitation agent, and Global Bondholder Services Corp. (866 470-4300 and 212 430-3774) was the information agent.
Asbury Automotive is an automobile retailer based in New York.
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