Sonic Automotive, Inc. (SAH) said Monday that it plans to commence a private offering of up to $300.0 million in aggregate principal amount of senior subordinated notes to qualified institutional buyers.
The net proceeds of this offering will be used to redeem all of the company's outstanding 9.0% Senior Subordinated Notes due 2018 pursuant to the optional redemption provisions of the indenture governing the 9.0% Notes, and to pay related fees and expenses and any remaining amount will be used for general corporate purposes, including the acquisition and development of dealerships and related real property, repurchases of shares of its Class A common stock and other working capital needs.
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