By Paul A. Harris
Portland, Ore., Nov. 19 – Asbury Automotive Group, Inc. priced a $400 million issue of 10-year senior subordinated notes (B1/B+/) at par to yield 6% in a quick-to-market transaction on Wednesday, according to a syndicate source.
The yield printed at the wide end of the 5¾% to 6% yield talk.
BofA Merrill Lynch was the left bookrunner. J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the joint bookrunners.
The Duluth, Ga.-based operator of auto retail- and collision repair centers plans to use the proceeds to fund the tender offer for its 8 3/8% senior subordinated notes due 2020 and for general corporate purposes, which may include, among other things, share repurchases and acquisitions.
| Issuer: | Asbury Automotive Group, Inc.
|
| Amount: | $400 million
|
| Maturity: | Dec. 15, 2024
|
| Securities: | Senior subordinated notes
|
| Left bookrunner: | BofA Merrill Lynch
|
| Joint bookrunners: | J.P. Morgan Securities LLC, Wells Fargo Securities LLC
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Spread: | 366 bps
|
| First call: | Dec. 15, 2019 at 103
|
| Trade date: | Nov. 19
|
| Settlement date: | Dec. 4
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 5¾% to 6%
|
| Marketing: | Quick to market
|
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