Asbury Automotive amends $1.5b credit facility
Asbury Automotive has “amended and reinstated” its five-year, $1.45 billion syndicated senior credit facility, the company announced on Wednesday.
The syndicated facility will offer a $1.04 billion new-vehicle revolving floorplan facility, a $250 million revolving credit facility, and a $160 million used-vehicle floorplan facility.
American Honda Finance Corp., BMW Financial Services, Mercedes-Benz Financial Services, Nissan Motor Acceptance Corp. and Toyota Financial Services are part of the new credit facility, along with Bank of America, JPMorgan Chase, Mass Mutual Asset Finance, Santander Bank, SunTrust Bank, U.S. Bank and Wells Fargo.
The maturity date was extended to September 2024 from July 2021 and offers the option of expansion to $1.63 billion.
In addition, interest rates on all facilities were reduced from their previous rates. The new-vehicle floorplan rate is one-month Libor plus 110 basis points; the used-vehicle floorplan rate is one-month Libor plus 140 basis points, and the revolving credit facility will have interest in the range of Libor plus 100 to 200 basis points.
Duluth, Ga.-based Asbury Automotive operates 87 dealerships in nine states.
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