Sonic Auto Gases Up for $210M HY Drive-By
March 9, 2010
Auto retailer Sonic Automotive looks poised to hit the high yield bond market with a $210 million drive-by deal today.
Proceeds from the issue—$210 million in senior subordinated notes—will be used to redeem some of the Charlotte, N.C.-based company's $275 million in 8.625% senior subordinated notes due 2013, the company said.
Bank of America Merrill Lynch is the lead bookrunner. The deal is scheduled to price today, according to KDP Investment Advisors.
The company also has $150 million in 4.25% senior subordinated notes due 2015; $172.5 million in 5% convertible notes that mature in 2029; and $86 million in 6% second-lien convertible notes due 2012.
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