Latham & Watkins Advises on Asbury Automotive Group’s Common Stock Offering

Asbury Automotive Group, Inc. (NYSE: ABG), one of the largest US-based franchised automotive retailers, has announced that it has priced its public offering of 3,300,000 shares of its common stock at US$182 per share, all of which will be sold by Asbury. Additionally, Asbury has granted the underwriters in the offering an option for a period of 30 days to purchase up to 495,000 additional shares of its common stock. The offering is expected to close on November 5, 2021, subject to customary closing conditions. Asbury intends to use the proceeds of the offering, together with the proceeds of the concurrent offering of Senior Notes due 2029 and Senior Notes due 2032, additional borrowings and cash on hand, to fund, if consummated, the acquisition of all of the equity interests of, and the real property related to, the businesses of the Larry H. Miller dealerships and Total Care Auto, Powered by Landcar and pay fees and expenses in connection therewith and to use the balance of the proceeds, if any, for general corporate purposes, including other dealership acquisitions or capital investments.

Latham & Watkins LLP represents the underwriters in the offering with a capital markets team led by partners Stelios Saffos and Andrew Baker, with counsel Michael Saliba and associates Paul Rafla and Egzone Sulejmani. Advice was also provided on tax matters by partner Jiyeon Lee-Lim, with associate Claire Park; on environment, land & resources matters by partner Gary Gengel, with associate Ben Einhouse; and on real estate matters by counsel Betsy Mukamal, with associate Karen Ritter.