CHARLOTTE, N.C., March 10, 2017 /PRNewswire/ -- Sonic Automotive,
Inc. (NYSE: SAH), one of the nation's largest automotive retailers,
today announced the closing of its private offering of $250 million in aggregate principal amount of
6.125% Senior Subordinated Notes due 2027 (the "Notes") to
qualified institutional buyers pursuant to Rule 144A under the
Securities Act of 1933, as amended (the "Securities Act"), and in
offshore transactions pursuant to Regulation S under the Securities
Act. The Notes were issued at 100.0% of the principal amount
thereof, resulting in a yield to maturity of 6.125%. The
Company intends to use a substantial portion of the net proceeds
from this offering to redeem all of its outstanding 7.0% Senior
Subordinated Notes due 2022 (the "7.0% Notes") pursuant to the
terms of the indenture governing the 7.0% Notes.
The Notes have not been registered under the Securities Act or
applicable state securities laws and may not be offered or sold in
the United States absent
registration or an applicable exemption from the registration
requirements of the Securities Act and applicable state securities
laws.
This press release is neither an offer to sell nor a
solicitation of an offer to buy the Notes or any other securities
and shall not constitute an offer to sell or a solicitation of an
offer to buy, or a sale of, the Notes or any other securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. In addition, nothing in
this press release shall be deemed to be a notice of redemption for
the 7.0% Notes.
About Sonic Automotive
Sonic Automotive, Inc., a Fortune 500 company based in
Charlotte, N.C., is one of the
nation's largest automotive retailers. Sonic can be reached on the
web at www.sonicautomotive.com.
Forward-Looking Statements
Included herein are forward-looking statements, including
statements pertaining to redemption of all the outstanding 7.0%
Notes. There are many factors that affect management's views about
future events and trends of the Company's business. These factors
involve risk and uncertainties that could cause actual results or
trends to differ materially from management's views, including
without limitation, economic conditions in the markets in which the
Company operates, new and used vehicle industry sales volume, the
success of the Company's operational strategies, the rate and
timing of overall economic recovery or decline, and the risk
factors described in the Company's Annual Report on Form 10-K for
the year ended December 31, 2016. The
Company does not undertake any obligation to update forward-looking
information.
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SOURCE Sonic Automotive, Inc.