Asbury Automotive Group, Inc. Announces Closing of Offering of $400.0 million of 6.0% Senior Subordinated Notes due 2024 and Amendment of Senior Secured Credit Facility
The Company also announced that, on
The Company also announced that at 5:00 p.m,
On
After paying for all 2020 Notes validly tendered and not validly withdrawn prior to the Consent Payment Deadline, there remain outstanding
The Company also announced that it will redeem all 2020 Notes that remain outstanding, after completion of the Tender Offer, on
The Company used a portion of the net proceeds from the offering of the 2024 Notes to repurchase the 2020 Notes validly tendered and not validly withdrawn in the Tender Offer prior to the Consent Payment Deadline, and to pay related expenses. The Company intends to use a portion of the remaining net proceeds to repurchase any remaining 2020 Notes that are validly tendered in the Tender Offer prior to the Expiration Date, to redeem any outstanding 2020 Notes that are not tendered in the Tender Offer and to pay related expenses. Any remaining proceeds would be used for general corporate purposes, which may include, among other things, share repurchases and acquisitions.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the 2020 Notes, the 2024 Notes or any other securities, and shall not constitute an offer, solicitation or sale of any 2020 Notes,2024 Notes or any other securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical fact, and may include statements relating to the Tender Offer, the redemption of the 2020 Notes and the expected use of the remaining proceeds from the issuance of the 2024 Notes. These statements are based on management's current expectations and beliefs and involve significant risks and uncertainties that may cause results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, the Company's ability to complete the Tender Offer, the redemption of the 2020 Notes, market factors and conditions, the Company's relationships with, and the financial and operational stability of, vehicle manufacturers and other suppliers, acts of God or other incidents which may adversely impact supply from vehicle manufacturers and/or present retail sales challenges, risks associated with the Company's indebtedness (including available borrowing capacity, compliance with its financial covenants and ability to refinance or repay such indebtedness), the Company's relationships with, and the financial stability of, its lenders and lessors, risks related to competition in the automotive retail and service industries, general economic conditions both nationally and locally, governmental regulations, legislation, adverse results in litigation and other proceedings, and the Company's ability to execute its IT initiatives and other operational strategies, the Company's ability to leverage gains from its dealership portfolio, the Company's ability to capitalize on opportunities to repurchase its debt and equity securities or purchase properties that it currently leases, and the Company's ability to stay within its targeted range for capital expenditures. There can be no guarantees that the Company's plans for future operations will be successfully implemented or that they will prove to be commercially successful.
These and other risk factors that could cause actual results to differ materially from those expressed or implied in the Company's forward-looking statements are and will be discussed in the Company's filings with the
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SOURCE
Matt Pettoni, VP & Treasurer, 770-418-8219, ir@asburyauto.com