DULUTH, Ga., Oct. 23, 2015 /PRNewswire/ -- Asbury
Automotive Group, Inc. (NYSE: ABG) (the "Company"), one of the
largest automotive retail and service companies in the United States, announced today that it has
priced its previously announced offering of $200.0 million aggregate principal amount of
additional 6.0% senior subordinated notes due 2024 (the "Additional
Notes") at 104.25% plus accrued interest from and including
June 15, 2015. The Additional
Notes are part of the same issuance of, and will rank equally and
form a single series with, the $400.0
million aggregate principal amount of the Company's 6.0%
senior subordinated notes due 2024 which were issued on
December 4, 2014 (the "Existing
Notes"). The Additional Notes will have the same terms as the
Existing Notes, including being guaranteed by all of the Company's
existing subsidiaries and future domestic restricted subsidiaries,
with certain exceptions.
The sale of the Additional Notes is expected to be completed on
October 28, 2015, subject to
customary closing conditions.
The Company intends to use the net proceeds from this offering
for general corporate purposes, which may include, among other
things, acquisitions, share repurchases, capital expenditures,
repaying indebtedness outstanding from time to time, investments or
working capital needs.
The Additional Notes and the related guarantees have not been,
and will not be, registered under the Securities Act of 1933 (the
"Act") or the securities laws of any other jurisdiction and may not
be offered or sold in the United
States absent registration or an applicable exemption
therefrom. The Additional Notes will be offered only to qualified
institutional buyers under Rule 144A and to persons outside
the United States under Regulation
S.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the 2024 Notes or any other
securities, and shall not constitute an offer, solicitation or sale
of any 2024 Notes or other securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful. This notice is
being issued pursuant to and in accordance with Rule 135c under the
Act.
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 goals,
plans, market conditions and projections regarding the Company's
financial position, liquidity, results of operations, market
position and dealership portfolio, the benefits of its
restructuring program and other initiatives and future business
strategy. 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, market factors, 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, particularly
upcoming maturities, on favorable terms), 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 Securities and Exchange Commission from
time to time, including its most recent annual report on Form 10-K
and any subsequently filed quarterly reports on Form 10-Q.
The Company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events or otherwise.
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SOURCE Asbury Automotive Group, Inc.