Sonic Automotive Announces Proposed Private Placement
14 September 2000
Sonic Automotive Announces Proposed Private PlacementCHARLOTTE, N.C., Sept. 13 Sonic Automotive, Inc. announced today that it intends to offer approximately $125 million of its Senior Subordinated Notes due 2008. The offering will be made by means of an offering memorandum to qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act of 1933, as amended, and is expected to close in late September. Sonic Automotive will use the net proceeds from the offering to repay a portion of the indebtedness outstanding under its existing revolving credit facility, which amounts may be reborrowed.