Asbury Automotive $150 million 10-year notes talked at 7¾%-8%; pricing Thursday

By Paul A. Harris

St. Louis, Dec. 17 - Asbury Automotive Group Inc.'s proposed $150 million 10-year senior subordinated notes (B3 expected/B confirmed) are talked to yield 7¾% to 8%, a syndicate source said.

The deal is expected to price Thursday afternoon.

Goldman Sachs & Co. and JP Morgan are joint bookrunners on the Rule 144A/Regulation S deal, which has registration rights. Wachovia Securities is co-manager.

The notes will come with five years of call protection.

Asbury Automotive plans to use proceeds to repay borrowings under its credit facility.

The issuer is a Stamford, Conn.-based automotive retail and service company.

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