Asbury Automotive Group, Inc., one of the largest automotive retail and service companies in the U.S., announced that it has entered into a second amended and restated $1.3 billion, five-year syndicated senior credit facility.  Asbury's new senior credit facility replaces the Company's previously amended and restated facility, and provides additional borrowing availability, increased financial flexibility, and an extended maturity date as compared to the prior facility. The new vehicle floor plan interest rate will remain at one-month LIBOR plus 125 basis points and the used vehicle floor plan interest will remain at one-month LIBOR plus 150 basis points.  Asbury's new senior credit facility provides for:

• a $250.0 million revolving credit facility (the "Revolving Credit Facility"),

• a $900.0 million new vehicle revolving floor plan facility (the "New Vehicle Floor Plan Facility"), and

• a $150.0 million used vehicle revolving floor plan facility (the "Used Vehicle Floor Plan Facility").

The new senior credit facility also provides for the expansion of the availability thereunder, subject to certain conditions, up to a total availability of $1.625 billion.  Additionally, the maturity date was extended from August 2018 until July 2021.

"Our expanded $1.3 billion senior credit facility provides additional financial flexibility to support our business strategy over the next five years," said Keith Style, Asbury's Senior Vice President and CFO. "We want to thank our lending partners for their continued support."

The syndication was arranged through Merrill Lynch, Pierce, Fenner & Smith Incorporated. JPMorgan Chase Bank, N.A., and Wells Fargo Bank served as co-syndication agents. Mercedes-Benz Financial Services USA LLC and Toyota Motor Credit Corporation served as co-documentation agents. Bank of America, N.A. will serve as administrative agent. Lenders in the new syndicated credit facilities include six manufacturer-affiliated finance companies consisting of American Honda Finance Corporation, BMW Group Financial Services NA, LLC, Mercedes-Benz Financial Services USA LLC, Nissan Motor Acceptance Corporation, Toyota Motor Credit Corporation, and Volkswagen Credit, Inc., and it includes six commercial banks and other lending institutions consisting of Bank of America, N.A., JPMorgan Chase Bank, N.A.,  Mass Mutual Asset Finance LLC, SunTrust Bank, Inc., U.S. Bank National Association, and Wells Fargo Bank, N.A.