Actionable news
All posts from Actionable news
Actionable news in ABG: ASBURY AUTOMOTIVE GROUP Inc,

Asbury Automotive Group, Inc. Announces Closing Of $200.0 Million Offering Of

The following excerpt is from the company's SEC filing.

Additional 6.0% Senior Subordinated Notes Due 2024

Duluth, Ga., October 28, 2015 Asbury Automotive Group, Inc. (NYSE:ABG) (the Company), one of the largest automotive retail and service companies in the United States, announced today that it has closed its previously announced offering of $200.0 million aggregate principal amount of additional 6.0% senior subordinated notes due 2024 (the Additional Notes). The Additional Notes were issued at a price of 104.25%, plus accrued and unpaid interest from and including June 15, 2015, resulting in an effective interest rate to the Company of 5.276%. The Addi tional Notes are part of the same issuance of, and rank equally and form a single series with, the $400.0 million aggregate principal amount of the Companys 6.0% senior subordinated notes due 2024, which were issued on December 4, 2014 (the Existing Notes). The Additional Notes have the same terms as the Existing Notes, including being guaranteed by all of the Companys existing subsidiaries and future domestic restricted subsidiaries, with certain exceptions.

The Company intends to use the net proceeds from this offering for general corporate purposes, which may include, among other things, acquisitions, share repurchases, capital expenditures, repaying indebtedness outstanding from time to time, investments or working capital needs.

The Additional Notes and the related guarantees have not been registered under the Securities Act of 1933 (as amended, the Act) or the securities laws of any other jurisdiction and may not be...