Asbury Automotive makes debt tender bid |
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Published
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Tue, 27 Feb 2007 00:09
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NEW YORK (AP) - Asbury Automotive Group Inc., which operates a chain of auto dealerships, on Monday said it has begun a cash tender offer to repurchase $250 million in senior debt.The company offered to buy back all of its outstanding $250 million in 9 percent senior subordinated notes due 2012. Asbury said it is also asking for consents from its noteholders to make changes to the indenture governing the notes.The offer is set to expire March 23; noteholders must tender and deliver consents by 5 p.m. on March 7 to be entitled to the offer.Each holder is also entitled to a consent payment of $30 for each $1,000 in notes tendered.The offer is subject to the tender of a majority of the outstanding notes and other conditions. Goldman, Sachs & Co. is acting as exclusive dealer manager and solicitation agent for the tender offer and the consent solicitation.Asbury shares shed 10 cents to end at $26.85 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Asbury Automotive director sells shares 