Asbury Automotive to market $1.13 billion eight- and 10-year notes through Wednesday

By Paul A. Harris

Portland, Ore., Feb. 3 – Asbury Automotive Group, Inc. is shopping a $1,125,000,000 two-part senior notes offering on a roadshow set to run through Wednesday, according to a syndicate source.

The Rule 144A and Regulation S with registration rights deal is coming in tranches of eight-year notes, which become callable after three years at par plus 50% of coupon, and 10-year notes, which become callable after five years at par plus 50% of coupon.

An investor call is scheduled to get underway at noon ET on Tuesday.

BofA Securities Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the joint bookrunners.

Santander Investment Securities Inc., SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc. are the co-managers.

The Stamford, Conn., automobile retailer plans to use the proceeds, together with additional borrowings and cash on hand, to fund the acquisition of substantially all of the assets of the businesses of the Park Place Dealership, and to redeem all $600 million Asbury Automotive 6% senior subordinated notes due 2024.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.