Wednesday, Sonic Automotive, Inc. (SAH) said that it has closed its concurrent public offerings of 10.35 million shares of class A common stock and $172.5 million aggregate principal amount of 5.0% convertible senior notes due 2029, including the exercise in full of the underwriters' options to purchase additional securities in each offering.
The total net proceeds from the offerings will be about $266.4 million, after deducting underwriters' discounts and commission and before offering expenses.
The company plans to use the net proceeds from these offerings to repay all or a portion of the principal amount outstanding on its 4.25% Convertible Senior Subordinated Notes due 2015, all of the principal amount outstanding on its 6.00% Convertible Senior Secured Notes due 2012, and for remaining net proceeds, a portion of the principal amounts outstanding under its credit facility.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.