Asbury Automotive Group, Inc. , one of the largest automotive retail and service companies in the U.S., today announced that it has closed on a number of new senior debt facilities, providing approximately $800 million of replacement financing. These agreements replace an existing $550 million syndicated facility that included a $75 million revolver tranche and a $475 million floorplan tranche. Excluding mortgages, total senior debt facilities are now comprised of two components:
-- A $200 million syndicated revolving credit facility to be utilized for working capital, acquisitions and other operating needs. The new facility is for a four-year term. Banc of America Securities LLC acted as sole lead arranger and Bank of America, N.A. is Administrative Agent. Additional participants include Daimler Financial Services, American Honda Finance, BMW Financial Services, JPMorgan Chase Bank, Nissan Motor Acceptance Corporation, Toyota Financial Services, Deutsche Bank, Wachovia Bank, and World Omni Financial.
