Asbury plans to redeem $600 million 6% notes at 103 on March 4

By Sarah Lizee

Olympia, Wash., Feb. 3 – Asbury Automotive Group, Inc. issued a conditional notice of redemption for its $600 million of outstanding 6% senior subordinated notes due 2024, according to an 8-K filing with the Securities and Exchange Commission.

The redemption will be financed with proceeds from a new offering of notes. The company announced Monday that it plans to offer up to $1,125,000,000 of senior notes due 2028 and 2030.

The 2024 notes are set to be redeemed on March 4 at 103 plus accrued interest up to but excluding the redemption date.

The redemption is conditioned on the new issue of notes.

Asbury is a Duluth, Ga.-based automotive retailer.

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