Sonic Automotive To Raise $1B Via Debt Offering

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.