Stock News in Focus: Asbury Automotive Group (NYSE:ABG)

Asbury Automotive Group (NYSE:ABG) stock observed trading -12.97% off 52-week high price. On the other end, the stock has been noted 172.97% away from low price over the last 52-weeks. The stock disclosed a move of 5.21% away from 50 day moving average and 22.52% away from 200 day moving average. Moving closer, we can see that shares have been trading 0.86% off 20-day moving average. It has market cap of $2.14B.

On Sept. 14, 2020, Asbury Automotive Group (NYSE:ABG) reported that it has priced its previously announced private placement of senior notes, consisting of $125.0 million aggregate principal amount of additional 4.50% Senior Notes due 2028 (the Additional 2028 Notes) at 101.00% plus accrued interest from and including September 1, 2020, and $125.0 million aggregate principal amount of additional 4.75% Senior Notes due 2030 (the Additional 2030 Notes and, together with the Additional 2028 Notes, the Additional Notes) at 101.75% plus accrued interest from and including September 1, 2020. The offering will be exempt from the registration requirements of the Securities Act of 1933, as amended (the Securities Act). The Additional Notes of each series will have the same terms, respectively, as the $280.0 million outstanding aggregate principal amount of Asbury’s 4.50% senior notes due 2028 (the 2028 Notes), and the $320.0 million outstanding aggregate principal amount of Asbury’s 4.75% senior notes due 2030 (the 2030 Notes and, together with the 2028 Notes, the Existing Notes), which were issued on February 19, 2020, including being guaranteed, jointly and severally, by each existing and future restricted subsidiary of Asbury that guarantees Asbury’s existing senior credit facility.

The offering of the Additional Notes of each series is expected to close on September 16, 2020, subject to customary closing conditions.

The Additional Notes of each series are being offered (i) to repay $150.0 million in aggregate principal amount of a 4.00% promissory note due August 2021 and $50.0 million in aggregate principal amount of a 4.00% promissory note due February 2022 used to finance the recently completed acquisition of certain assets of the Park Place Dealership group pursuant to that certain Asset Purchase Agreement, dated as of July 6, 2020 (collectively, the Acquisition), (ii) to repay approximately $50.0 million in aggregate principal amount outstanding under our revolving credit facility, (iii) to pay all fees and expenses in connection with this offering and (iv) for general corporate purposes, which may include the repayment of additional indebtedness outstanding under our revolving credit facility or other indebtedness under our senior credit facility.

The USA based company Asbury Automotive Group moved with change of 2.71% to $107.44 with the total traded volume of 107348 shares in recent session versus to an average volume of 221.14K. The stock was observed in the 5 days activity at 1.05%. The one month performance of stock was -0.80%. ABG’s shares are at 37.66% for the quarter and driving a 7.09% return over the course of the past year and is now at -3.89% since this point in 2018.  Right now the stock beta is 1.67. The average volatility for the week and month was at 4.78% and 3.47% respectively. There are 19.20M shares outstanding and 19.08M shares are floated in market.

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