NEW YORK — Asbury Automotive Group announced Monday that it has closed on a number of new senior debt facilities, providing approximately $800 million of replacement financing.

These agreements replace an existing $550 million syndicated facility that included a $75 million revolver tranche and a $475 million floor plan tranche. Excluding mortgages, total senior debt facilities are now composed of two components:

—A $200 million syndicated revolving credit facility to be utilized for working capital, acquisitions and other operating needs. The new facility is for a four-year term. Banc of America Securities LLC acted as sole lead arranger and Bank of America, N.A., is administrative agent. Additional participants include Daimler Financial Services, American Honda Finance, BMW Financial Services, JPMorgan Chase Bank, Nissan Motor Acceptance Corp., Toyota Financial Services, Deutsche Bank, Wachovia Bank and World Omni Financial.

—Approximately $600 million in new-vehicle wholesale floor plan lines funded predominantly by Asbury brands' captive finance companies. Floor plan providers now include all the captive finance companies mentioned plus GMAC, Ford Motor Credit Corp., JPMorgan Chase Bank and World Omni Financial.

"We are delighted to be partnering with Bank of America and broadening our relationships with our key banks and captive finance partners," said Charles Oglesby, president and chief executive officer. "These new facilities provide Asbury significantly expanded liquidity and tremendous flexibility."

Craig Monaghan, Asbury's senior vice president and chief financial officer, added, "Being able to close such sizable transactions during these uncertain economic times clearly validates the automotive retail model and Asbury's unique positioning."