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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
BofA Securities Arranges $1.45B Credit Facility for Asbury Automotive
Monday, September 30, 2019
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Lenders/Participants
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Bank of America Securities [Arranger]
JPMorgan Chase Bank [Co-Syndication Agent, Lender]
Wells Fargo Bank [Co-Syndication Agent, Lender]
Mercedes Benz Financial Services USA LLC [Co-Documentation Agent, Lender]
Toyota Motor Credit Corporation [Co-Documentation Agent, Lender]
Bank of America [Administrative Agent]
American Honda Finance Corporation [Lender]
BMW Group Financial Services NA [Lender]
Nissan Motor Acceptance Corporation [Lender]
BB&T [Lender]
Mass Mututal Asset Finance [Lender]
Santander Bank [Lender]
SunTrust Bank [Lender]
U.S. Bank [Lender]
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Structure
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Senior Credit Facility
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Amount
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$1.450
Billion
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Borrower(s)
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Asbury Automotive Group, Inc.
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Description
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A third amended and restated $1.45 billion, five-year syndicated senior credit facility. Asbury's new senior credit facility replaces the Company's previously amended and restated facility, and provides additional borrowing availability, increased financial flexibility, and an extended maturity date as compared to the prior facility. The new vehicle floor plan interest rate is reduced to one-month LIBOR plus 110 basis points and the used vehicle floor plan interest is reduced to one-month LIBOR plus 140 basis points (for LIBOR loans). The interest rate for the revolving credit facility will bear interest in a range of LIBOR plus 100 basis points to LIBOR plus 200 basis points (for LIBOR loans), based on the Company's consolidated lease adjusted leverage ratio. Asbury's new senior credit facility provides for: a $250.0 million revolving credit facility (the "Revolving Credit Facility"), a $1,040.0 million new vehicle revolving floor plan facility (the "New Vehicle Floor Plan Facility"), and a $160.0 million used vehicle revolving floor plan facility (the "Used Vehicle Floor Plan Facility"). The new senior credit facility also provides for the expansion of the availability thereunder, subject to certain conditions, up to a total availability of $1.625 billion. Additionally, the maturity date was extended from July 2021 to September 2024.
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Industry
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Automotive
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Location
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GA
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| Related Tags |
Bank of America, Bank of America Securities, JPMorgan Chase Bank, Mass Mutual Asset Finance, Mercedes Benz Financial Services, Nissan Motor Acceptance Corp., Santander Bank, SunTrust Bank, Toyota Motor Credit, U.S. Bank, Wells Fargo Bank
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ABL Advisor
Deal Tables
2025
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