S&P: Asbury Automotive unchanged

Standard & Poor's said that its BB issue-level rating and 5 recovery rating on Asbury Automotive Group Inc.’s existing senior subordinated notes due 2024 are unchanged following the company's proposed $200 million add-on.

The 5 recovery rating reflects an expectation for modest recovery (10%-30%; lower half of the range) in the event of a payment default.

The company intends to use the proceeds from this add-on offering for general corporate purposes, which may include acquisitions, share repurchases, capital expenditures, the occasional repayment of outstanding debt, investments or working capital needs, among other things.

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