Asbury Automotive tenders, seeks consents for 8% notes, solicits consents to amend 7 5/8% notes

By Devika Patel

Knoxville, Tenn., Nov. 1 - Asbury Automotive Group, Inc. said it has begun a cash tender offer for all $357.5 million of its 8% senior subordinated notes due 2014.

Asbury is also soliciting consents to amend the notes' indenture. In addition, the company has launched a separate consent solicitation for its 7 5/8% senior subordinated notes due 2017 to amend the indenture.

The tender offer is scheduled to expire at 8 a.m. ET on Dec. 1. The consent deadline for both notes series will be 5 p.m. ET on Nov. 15.

The company is offering $1,029.17 per $1,000 of tendered 8% notes, which includes a consent payment of $25.00 per $1,000 of notes for those who tender by the consent deadline. All other 8% note tenders will receive $1,004.17.

Holders of the 7 5/8% notes will receive $15.00 for each $1,000 principal amount for their consents.

Holders will also receive interest up to, but not including, the payment date.

BofA Merrill Lynch (888 292-0070 or 980 388-9217) is the dealer manager and solicitation agent. D.F. King & Co, Inc. (800 758-5880 or 212 269-5550) is the information agent.

Asbury Automotive is a Stamford, Conn., automotive retailer.

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