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Asbury Automotive Group Announces Closing Of $100.0 Million Private Placement Of Senior Subordinated Notes Due 2020

DULUTH, Ga., June 20, 2013 /PRNewswire/ -- Asbury Automotive Group, Inc. (NYSE:ABG) (the "Company") announced today that it has closed its previously announced private placement of $100.0 million of additional 8.375% senior subordinated notes due 2020 (the "Additional Notes").  The Additional Notes were issued at a price of 109.75%, plus accrued and unpaid interest from and including May 15, 2013, resulting in an effective interest rate (yield to worst) on June 20, 2013 to the Company of 5.628%. The Additional Notes are an additional issuance of, and rank equally and form a single series with, the $200.0 million in aggregate principal amount of the Company's 8.375% senior subordinated notes due 2020 which were issued on November 16, 2010 (the "Existing Notes").  The Additional Notes 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 Company intends to use the net proceeds from the offering of Additional Notes for general corporate purposes.  The Company may use the proceeds from the offering, together with cash on hand or available borrowings under various credit or mortgage facilities, to redeem its outstanding 7.625% Senior Subordinated Notes due 2017.

The Additional Notes and the related guarantees have not been, and will not be, registered under 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 from registration requirements. The Additional Notes and the related guarantees were 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 Additional Notes or any other securities, and shall not constitute an offer, solicitation or sale of any Additional 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.

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