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Sonic Automotive Announces Offering of Senior Subordinated Notes
CHARLOTTE, N.C., March 9 /PRNewswire-FirstCall/ -- Sonic Automotive,
Inc. (NYSE: SAH) today announced it intends to commence a private offering
of up to $210 million in aggregate principal amount of senior subordinated
notes to qualified institutional buyers pursuant to Rule 144A under the
Securities Act of 1933 and in offshore transactions pursuant to Regulation
S under the Securities Act. The net proceeds of this offering will be used
to redeem a portion of the Company's 8 5/8% Senior Subordinated Notes due
2013.
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 being issued pursuant to Rule 135c under the
Securities Act, and 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, this press release shall not be deemed a notice of redemption for
the Company's 8 5/8% Senior Subordinated Notes due 2013.
About Sonic Automotive
Sonic Automotive, Inc., a Fortune 300 company based in Charlotte, N.C.,
is the nation's third-largest automotive retailer, operating 145
franchises. Sonic can be reached on the web at http://www.sonicautomotive.com.
Included herein are forward-looking statements, including statements
pertaining to a private offering of securities. 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 view,
including without limitation, economic conditions, risks associated with
acquisitions and the risk factors described in the Company's annual report
on Form 10-K for the year ending December 31, 2009. The Company does not
undertake any obligation to update forward-looking information.
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