Sonic Automotive buys back $24.9 million 5.25% convertibles

By Susanna Moon

Chicago, Oct. 31 - Sonic Automotive Inc. repurchased a total of $24.9 million of its 5.25% convertible senior subordinated notes since the beginning of the previous quarter, according to a 10-Q filing with the Securities and Exchange Commission.

The company repurchased $4.9 million of its 5.25% convertibles during the quarter ended Sept. 30. Since then, the company said it repurchased another $20 million of the notes in the open market with proceeds from operations and its 2006 revolving credit sub-facility.

Sonic Automotive is a Charlotte, N.C.-based automotive retailer.

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