By Paul A. Harris
St. Louis, Mo., May 31 - Asbury Automotive Group, Inc. upsized its offering of 10-year notes by $50 million and priced them Friday at a yield lower than talk.
The Stamford, Conn. automobile retailer sold $250 million of senior subordinated notes due June 15, 2012 (B3/B) at par to yield 9%, according to a syndicate source.
Talk was for a yield of 9 1/8%-9 3/8%.
Goldman Sachs & Co. was the bookrunner. Salomon Smith Barney was co-manager.
Proceeds from the Rule 144A notes will be used to repay bank debt.
Issuer: Asbury Automotive Group, Inc.
Amount: $250 million (increased from $200 million)
Maturity: June 15, 2012
Type: Senior subordinated notes
Bookrunner: Goldman Sachs & Co.
Co-manager: Salomon Smith Barney
Coupon: 9%
Price: Par
Yield: 9%
Price talk: 9 1/8%-9 3/8%
Spread: 397 basis points
Call features: Callable with a T+50 basis points make-whole call for the first five years, the callable on June 15, 2007 at 104.50, 103.0, 101.50, par on June 15, 2010 and thereafter
Equity clawback: Until June 15, 2005 for 35% at 109
Settlement date: June 5, 2002
Ratings: Moody's: B3
| Standard & Poor's: B
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| Rule 144A CUSIP: | 043436AA2
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