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 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.