Asbury Automotive Group Expands Credit Facilities to Support Herb Chambers Acquisition

Asbury Automotive Group, Inc. (NYSE: ABG) has secured an amendment to its 2023 Senior Credit Facility to increase its financial flexibility in connection with its planned acquisition of the Herb Chambers automotive group.

Under the terms of the amendment to the Fourth Amended and Restated Credit Agreement, the following adjustments have been made:

The aggregate commitments under the revolving credit facility have increased from $500 million to $925 million.

The aggregate commitments under the new vehicle floor plan facility have increased from $1.925 billion to $2.25 billion.

These increases are contingent upon the successful completion of the Herb Chambers acquisition.

Bank of America, N.A. continues to serve as the administrative agent, revolving swing line lender, new and used vehicle floorplan swing line lender, and L/C issuer. Other lenders involved in the agreement maintain ongoing commercial, investment, and lending relationships with Asbury and may receive fees for their services.