Asbury Automotive completes restated $1.45 billion five-year facility

By Wendy Van Sickle

Columbus, Ohio, Sept. 25 – Asbury Automotive Group, Inc. entered into a third amended and restated $1.45 billion five-year syndicated senior credit facility, according to a Wednesday press release.

The agreement includes a $250 million revolver, a $1.04 billion new vehicle revolving floor plan facility and a $160 million used vehicle revolving floor plan facility.

The facility may be expanded up to a total of $1,625,000,000.

Maturity was extended to September 2024 from July 2021.

The new vehicle floor plan interest rate is reduced to one-month Libor plus 110 basis points, and the used vehicle floor plan interest is reduced to one-month Libor plus 140 bps.

BofA Securities, Inc. was the lead arranger on the deal with JPMorgan Chase Bank, NA and Wells Fargo Bank as co-syndication agents, Mercedes-Benz Financial Services USA LLC and Toyota Motor Credit Corp. as co-documentation agents and Bank of America, NA as administrative agent.

“This new $1.45 billion senior credit facility provides additional financial flexibility to support our business strategy over the next five years,” Asbury senior vice president and chief financial officer Sean Goodman said in the release.

The facility replaces the company’s previously amended and restated facility.

Asbury is a Duluth, Ga.-based automotive retailer.

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