Asbury Automotive to price $400 million 10-year notes Wednesday

By Paul A. Harris

Portland, Ore., Nov. 19 – Asbury Automotive Group, Inc. plans to price a $400 million offering of 10-year senior subordinated notes (expected ratings B1/B+) Wednesday afternoon trailing a late-morning conference call with investors, according to a market source.

BofA Merrill Lynch, J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the joint bookrunners for the Rule 144A and Regulation S with registration rights offering.

The notes come with five years of call protection, and feature a three-year 35% equity clawback.

The Duluth, Ga.-based operator of auto retail- and collision repair centers plans to use the proceeds to fund the tender offer for its 8 3/8% senior subordinated notes due 2020 and for general corporate purposes, which may include, among other things, share repurchases and acquisitions.

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