Asbury Automotive prices tender offer |
|
|
|
Published
:
Thu, 08 Mar 2007 20:51
|
NEW YORK (AP) - Asbury Automotive Group Inc., which operates a chain of auto dealerships, said Thursday it has priced its cash tender offer to buy back all of its outstanding $250 million in 9 percent senior subordinated notes due 2012.The total consideration for each $1,000 principal amount of notes tendered by the end of Wednesday, which was the consent payment deadline, and accepted for purchase is $1,051.58. The amount includes a consent payment of $30 for each $1,000 tendered.The tender offer will expire on March 23 unless extended or terminated earlier by Asbury.Notes accepted and validly tendered after the consent payment deadline, but before the expiration date, will receive the tender offer consideration of $1,021.58 for each $1,000 tendered.As of Wednesday, Asbury said it had received valid tenders and consents from holders of $238 million, or about 95 percent, of the outstanding notes.Goldman, Sachs & Co. is acting as exclusive dealer manager and solicitation agent for the tender offer and the consent solicitation.Asbury Automotive shares rose $1.21, or 4.6 percent, to $27.58 in afternoon trading on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
|
|
|
|
Print this Story
Asbury Automotive makes debt tender bid 