Thursday, Sonic Automotive, Inc. (SAH) said it has priced its formerly announced concurrent public offerings of Class A common stock and convertible senior notes.
The company noted that the offerings were made pursuant to Sonic Automotive's registration statement. The total gross proceeds from the offerings will be around $240.9 million, excluding any proceeds attributable to the underwriters' possible exercise of their options to purchase additional securities to cover over allotments.
Sonic Automotive agreed to sell 9 million shares of its Class A common stock at a public offering price of $10.10 per share.
The closing of the offerings is expected to occur on September 23, 2009, subject to customary closing conditions.
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