Sonic Automotive $200 million 10-year notes talked at 8 5/8% area, pricing Thursday

By Paul A. Harris

St. Louis, Aug. 6 - The price talk is 8 5/8% area on Sonic Automotive, Inc.'s upcoming sale of $200 million 10-year non-call-five senior subordinated notes (B2/B+), according to a syndicate source.

The deal is expected to price on Thursday, the source added.

Banc of America Securities, JP Morgan and Merrill Lynch & Co. are joint bookrunners on the Rule 144A/Regulation S deal. Deutsche Bank Securities inc. is co-manager.

Proceeds will be used to redeem the company's 11% senior subordinated notes due 2008, repay part of its revolver and for general corporate purposes including future acquisitions.

Sonic is a Charlotte, N.C.-based auto retailer.

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