- Sonic Automotive Inc SAH revealed a proposed private offering of $1.0 billion of its Senior Notes due 2029 and Senior Notes due 2031.
- The notes will be guaranteed on a senior unsecured basis by certain of the company's subsidiaries.
- Sonic Automotive intends to use the offering net proceeds to fund the acquisition of RFJ Auto Partners Inc.
- Sonic will also use the proceeds to redeem its outstanding 6.125% Senior Subordinated Notes due 2027, with any remaining amount to be used for general corporate purposes.
- Price Action: SAH shares are trading lower by 1.76% at $55.18 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In:
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
