NEW YORK, June 19 /PRNewswire-FirstCall/ -- Asbury Automotive Group, Inc.
(NYSE: ABG) today announced that it plans to file on or about July 3, 2008, a
post-effective amendment to deregister the securities remaining unsold under
its currently effective shelf registration statement on Form S-3 (the "Resale
Registration Statement") filed with the Securities and Exchange Commission
(the "SEC") relating to the offer for resale by certain security holders of up
to $115,000,000 aggregate principal amount of 3.00% senior subordinated
convertible notes due 2012 issued by Asbury (the "Notes") in March 2007, the
related Note guarantees and the shares of Asbury's common stock issuable upon
conversion of the Notes (the "Securities"). The Resale Registration Statement
was declared effective by the SEC on September 6, 2007.
In connection with the private placement of the Notes in March 2007,
Asbury and its subsidiaries entered into a registration rights agreement with
the initial purchasers of the Notes for the benefit of the holders of the
Notes. In light of the SEC's recent amendments to Rule 144 under the
Securities Act of 1933, as amended, which became effective on February 15,
2008, Asbury has determined that it is no longer obligated to maintain the
effectiveness of the Resale Registration Statement pursuant to the
registration rights agreement.
Asbury will make available to holders of the Notes a notice of
authorization pursuant to which non-affiliated holders of the Notes who meet
the requirements of Rule 144 may elect to direct the trustee to exchange their
beneficial interests in a restricted Note for a beneficial interest in an
unrestricted Note.
About Asbury Automotive Group
Asbury Automotive Group, Inc. ("Asbury"), headquartered in New York City,
is one of the largest automobile retailers in the U.S. Built through a
combination of organic growth and a series of strategic acquisitions, Asbury
currently operates 90 retail auto stores, encompassing 122 franchises for the
sale and servicing of 36 different brands of American, European and Asian
automobiles. Asbury offers customers an extensive range of automotive products
and services, including new and used vehicle sales and related financing and
insurance, vehicle maintenance and repair services, replacement parts and
service contracts.
Investors May Contact:
Keith R. Style
V.P.-Finance and Investor Relations
(212) 885-2530
investor@asburyauto.com
Reporters May Contact:
Stephanie Lowenthal
RF|Binder Partners
(212) 994-7619
stephanie.lowenthal@rfbinder.com
SOURCE Asbury Automotive Group, Inc.
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