Asbury Automotive to terminate shelf registration

Auto retailer Asbury Automotive Group Inc. said it will terminate its shelf registration statement for the resale of up to $115 million of senior subordinated notes.

After the market closed Thursday, Asbury said the original registration statement for the resale of its 3 percent notes due in 2012 was declared effective by the Securities and Exchange Commission in September 2007.

The statement allowed certain note holders to re-sell the Asbury-issued notes.

The company said in connection with the private placement of the notes in March 2007, it entered into a registration rights agreement with the initial buyers of the notes for the benefit of the note holders.

Asbury said because of certain changes to the SEC's regulations, it no longer is obligated to "maintain the effectiveness" of the resale registration statement related to the registration rights agreement.

Asbury added it will give interested note holders who meet the SEC's requirements a notice of authorization so that note holders can exchange their interests in a restricted note for an interest in an unrestricted note.