DULUTH, Ga. -

Asbury Automotive Group revealed Monday that it has secured a new $900 million five-year syndicated credit facility that it will use for new- and used-vehicle inventory floor plan financing and general corporate purposes.

The facility includes nine financial institutions and five automaker-affiliated lenders.

The maturity date for the facilities is October 2016. It includes up to $625 million for new-car floor plan financing, up to $100 million for used-car floor plan financing and other general corporate purposes and as much as $175 million for general corporate purposes.

“The new credit facility provides the operational and strategic flexibility we will need for the next five years,” stated Scott Krenz, Asbury senior vice president and chief financial officer.

“We are extremely pleased with the support from of our banking partners and look forward to continuing to build on those relationships. It was especially gratifying that over half of the facility has been committed by our manufacturing partners,” he added.

The five OEM-affiliated lenders in the syndicated credit facilities include:

—American Honda Finance Corp.
—BMW Group Financial Services NA
—Mercedes-Benz Financial Services USA
—Nissan Motor Acceptance Corp.
—Toyota Motor Credit Corp.

The nine other financial institutions include:

—BofA Merrill Lynch, N.A.
—Bank of the West
—Comerica Bank
—Deutsche Bank Trust Company Americas
—Flagstar Bank, FSB,
—JPMorgan Chase Bank, N.A.
—Mass Mutual Asset Finance
—U.S. Bank National Association
—Wells Fargo Bank, N.A.

The facilities can be expanded to include total availability of $1.175 billion.

BofA Merrill Lynch, which is also the administrative agent, arranged the syndication. Co-syndication agents are JPMorgan Chase and Wells Fargo Bank.