Asbury Automotive Group enters a new $1.45 billion senior credit facility

https://www.asburyauto.com/

The Asbury Automotive Group, Inc. recently announced that it has entered into a third amended and restated $1.45 billion, five-year syndicated senior credit facility providing increased financial flexibility, additional borrowing availability and extended maturity date as compared to the previous one.

The new senior credit facility provides for a $1,040.0 million new vehicle revolving floor plan facility (the "New Vehicle Floor Plan Facility"), a $160.0 million used vehicle revolving floor plan facility (the "Used Vehicle Floor Plan Facility"), and a $250.0 million revolving credit facility (the "Revolving Credit Facility"). It likewise provides for the expansion of the availability thereunder, subject to certain conditions, up to a total availability of $1.625 billion.

Lastly, the maturity date has been extended from July 2021 to September 2024.

The latest senior credit facility was made possible by different manufacturer-affiliated finance companies, commercial banks and lending institutions like American Honda Finance Corporation, BMW Group Financial Services NA, LLC, Mercedes-Benz Financial Services USA LLC, Nissan Motor Acceptance Corporation, Toyota Motor Credit Corporation, Bank of America, N.A., SunTrust Bank, U.S. Bank National Association and Wells Fargo Bank National Association, to name a few.

"This new $1.45 billion senior credit facility provides additional financial flexibility to support our business strategy over the next five years," Sean Goodman, Asbury's Senior Vice President and CFO, said in a press release. "We want to thank our lending partners for their continued support."

Asbury’s announcement contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.

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Organizations in this story

Asbury Automotive Group 2905 Premiere Parkway Duluth, GA 30097