Sonic Automotive closes deal on $250 million of senior subordinated notes

Sonic Automotive Inc., a Fortune 500 company based in Charlotte, North Carolina, and one of the nation's largest automotive retailers, announced the closing of its private offering of $250 million in aggregate principal amount of 6.125 percent senior subordinated notes due in 2027 to qualified institutional buyers.

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.

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Organizations in this story

Sonic Automotive 4401 Colwick Road Charlotte, NC - 28211