Asbury Automotive plans $75 million drive-by add-on to 8 3/8% notes due 2020; pricing Monday

By Paul A. Harris and Aleesia Forni

Virginia Beach, Va., June 17 - Asbury Automotive Group, Inc. is planning to price on Monday a $75 million add-on to its 8 3/8% senior subordinated notes due Nov. 15, 2020 (existing ratings B2/B+), according to a market source.

An investor call was scheduled for 11 a.m. ET on Monday.

BofA Merrill Lynch is the left bookrunner, and J.P. Morgan Securities LLC is the joint bookrunner.

Wells Fargo Securities LLC is the lead manager for the Rule 144A with registration rights deal.

The notes will be callable on Oct. 15, 2015 at 104.188 and feature a 101% poison put.

Proceeds will be used for general corporate purposes. The company may use the proceeds, together with cash on hand or available borrowings under various credit or mortgage facilities, to redeem its outstanding 7 5/8% notes.

The Duluth Ga.-based automotive retailer priced the original $200 million issue at par in November 2010.

Upon registration, the add-on notes will be fungible with the original notes.

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