- 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.
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