Sonic Automotive, Inc. (SAH) said Monday that it has priced its private offering of $300 million in aggregate principal amount of 5.00% Senior Subordinated Notes due 2023 to qualified institutional buyers.
The notes were priced at 100% of par, resulting in a yield to maturity of 5.00%.
The offering is expected to close on May 9.
The net proceeds of this offering will be used to redeem all of its 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.
For comments and feedback: editorial@rttnews.com