ASBURY AUTOMOTIVE GROUP INC (ABG): debt financing — Asbury Q3 net income $169M (-17% YoY); announces $3B+ Koons acquisition; credit facility upsized to $2.8B

ASBURY AUTOMOTIVE GROUP INC

2023-Q3 EPS reported $25.91 revenue$10,991,000,000

Revenue $3.7B down 5% YoY; net income $169M ($8.19 diluted EPS) vs $205M ($9.23) in Q3 2022.
Adjusted EPS $8.12 vs $9.23; adjusted net income $168M down 18% YoY.
Definitive agreement to acquire Jim Koons Automotive Companies (over $3B annual revenue).
Credit facility renewed and upsized to $2.80B from $2.55B, extended maturity to Oct 2028.
Clicklane sold 11,661 vehicles (record); liquidity ~$1.7B; adjusted net leverage 1.7x.

item 1.01 item 2.02 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ASBURY AUTOMOTIVE GROUP INC incurred revolving credit with Bank of America, N.A., as administrative agent at Daily Simple SOFR plus 1.40% or the Base Rate plus 0.40% maturing October 20, 2028.

Instrument: revolving credit
Counterparty: Bank of America, N.A., as administrative agent
Rate: Daily Simple SOFR plus 1.40% or the Base Rate plus 0.40%
Maturity: October 20, 2028
Event: incurrence

Exact text from the filing

Applicable Rate means with respect to the Revolving Credit Facility, a range from 1.00% to 2.00% for Daily Simple SOFR loans and 0.15% to 1.00% for Base Rate loans, in each case based on the Company's consolidated total lease adjusted leverage ratio.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ASBURY AUTOMOTIVE GROUP INC incurred revolving credit with Bank of America, N.A., as administrative agent at Daily Simple SOFR plus 1.40% or the Base Rate plus 0.40% maturing October 20, 2028.

Instrument: revolving credit
Counterparty: Bank of America, N.A., as administrative agent
Rate: Daily Simple SOFR plus 1.40% or the Base Rate plus 0.40%
Maturity: October 20, 2028
Event: incurrence

Exact text from the filing

Borrowings under the Used Vehicle Floorplan Facility bear interest, at the option of the Company, based on Daily Simple SOFR plus 1.40% or the Base Rate plus 0.40%.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ASBURY AUTOMOTIVE GROUP INC incurred credit facility with Bank of America, N.A., as administrative agent at Daily Simple SOFR plus 1.10% maturing October 20, 2028.

Instrument: credit facility
Counterparty: Bank of America, N.A., as administrative agent
Rate: Daily Simple SOFR plus 1.10%
Maturity: October 20, 2028
Event: incurrence

Exact text from the filing

The 2023 Senior Credit Facility provides for the following, in each case subject to limitations on availability as set forth therein: • a $500.0 million revolving credit facility (the “Revolving Credit Facility”); • a $1,925.0 million new vehicle revolving floorplan facility (the “New Vehicle Floorplan Facility”); and • a $375.0 million used vehicle revolving floorplan facility (the “Used Vehicle Floorplan Facility”).

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Earnings Releases SEC 8-K Item 2.02 confidence 0.97

ASBURY AUTOMOTIVE GROUP INC reported the three and nine months ended September 30, 2023 results: revenue $3.7 billion, net income $169 million, EPS $8.19 per diluted share.

Period: the three and nine months ended September 30, 2023
Revenue: $3.7 billion
Net income: $169 million
EPS: $8.19 per diluted share
Result: reported results

Exact text from the filing

Reporters May Contact: Joe Sorice Manager, Investor Relations (770) 418-8211 ir@asburyauto.com Asbury Automotive Group Reports Third Quarter 2023 Financial Results • Revenue of $3.7 billion • Gross profit of $674 million • SG&A as a percentage of gross profit of 58.2%; adjusted SG&A as a percentage of gross profit, a non-GAAP measure, of 58.4% • Operating margin of

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ASBURY AUTOMOTIVE GROUP INC amended 2023 Senior Credit Facility with Bank of America, N.A. and the other lenders party thereto (effective 2023-10-20).

Action: amendment
Agreement: credit facility
Counterparty: Bank of America, N.A. and the other lenders party thereto
Effective: 2023-10-20

Exact text from the filing

On October 20, 2023, Asbury Automotive Group Inc. (the “Company”) and certain of its subsidiaries entered into a fourth amended and restated credit agreement with Bank of America, N.A. (“Bank of America”), as administrative agent, and the other lenders party thereto (the “2023 Senior Credit Facility”).

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10 debt financings filed in the last 30 days. Browse all debt financings →

ASBURY AUTOMOTIVE GROUP INC filing history →

Source: SEC EDGAR

accession 0001144980-23-000122

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