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Asbury gets needed consents for 8%, 7 5/8% notes, calls 8% notes
By Angela McDaniels
Tacoma, Wash., Nov. 16 - Asbury Automotive Group, Inc. has received enough consents from noteholders to amend the indentures governing its 8% senior subordinated notes due 2014 and 7 5/8% senior subordinated notes due 2017, according to a company news release.
Consent solicitations for the notes began on Nov. 1. A tender offer for the $357.5 million of 8% notes began the same day.
As of 5 p.m. ET on Nov. 15, holders had delivered consents for 98.62% of the 7 5/8% notes and tenders and consents for $178,007,000 principal amount, or 99.21%, of the 8% notes.
On Nov. 16, the company accepted and paid for all of the 8% notes tendered so far. The tender offer remains open until 8 a.m. ET on Dec. 1.
The company is offering $1,029.17 per $1,000 principal amount of 8% notes, which includes a consent payment of $25.00 for each note tendered by the consent deadline. Holders will also receive accrued interest.
Holders of the 7 5/8% notes will receive $15.00 for each $1,000 principal amount for their consents.
Asbury said it will redeem any 8% notes that remain outstanding following the tender offer. The notes will be redeemed at 102.667 plus accrued interest up to but excluding the redemption date, which will be Dec. 16.
The offers are being funded with the proceeds of the company's $200 million issue of 8 3/8% senior subordinated notes due 2020.
Bank of America Merrill Lynch (888 292-0070 or 980 388-9217) is the dealer manager and solicitation agent. D.F. King & Co, Inc. (800 758-5880 or 212 269-5550) is the information agent.
Asbury Automotive is a Stamford, Conn., automotive retailer.
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