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Sonic Automotive looks to repay some or all of 4.25%, 6% convertibles
By Angela McDaniels
Tacoma, Wash., Sept. 14 - Sonic Automotive, Inc. plans to repay all or a portion of its 4.25% convertible senior subordinated notes due 2015 and 6% convertible senior subordinated notes due 2012, according to a company news release.
Sonic plans to use the proceeds from an offering of 9 million shares of its class A common stock and an offering of $125 million principal amount of convertible senior notes due 2029 to fund the repayment. There are over-allotment options for 1.35 million shares and $18.75 million of convertibles.
The company said that if it is unable to repay the convertibles, it will use proceeds from the offerings to repay outstanding amounts under its credit facility.
The 4.25% convertibles are putable in November 2010, the release noted.
Sonic is an automotive retailer based in Charlotte, N.C.
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