The notes were issued at 100 percent of the principal amount, resulting in a yield to maturity of 6.125 percent, Sonic said in a recent release. Sonic intends to use a large portion of the net proceeds from the offering to redeem all of its outstanding 7.0 percent Senior Subordinated Notes due in 2022, pursuant to the terms of the indenture governing the 7.0 percent notes.
The notes have not been registered under the Securities Act or other applicable state securities laws, and may not be offered or sold in the country without registration or legitimate exemption, the release said.