Sonic subsidiaries to refinance $502 million of notes; transaction to close by end of 2011

By Lisa Kerner

Charlotte, N.C., April 27 - Sonic Corp. announced that some of its subsidiaries plan to refinance about $502 million of notes outstanding under a 2006 securitization debt facility with a new Rule 144A securitization debt facility that is expected to close in 2011.

Proceeds from the new facility will be used to repay the 2006 notes in full and for general corporate purposes. The 2006 notes are currently scheduled to be repaid by December 2012.

Sonic is an Oklahoma City-based chain of drive-in restaurants.

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