Sonic Automotive stockholders OK lower conversion price for 6% notes

By Jennifer Chiou

New York, Aug. 21 - Sonic Automotive Inc. stockholders authorized the reduction of the conversion price for the company's 6% senior secured convertible series A notes due 2012, according to an 8-K filing with the Securities and Exchange Commission.

The conversion price is now $4.00 per share, for a conversion rate of 250 shares per $1,000 principal amount of notes. The company's shares closed at $13.66 per share on Friday.

The meeting took place on Wednesday.

Sonic Automotive is a Charlotte, N.C.-based automotive retailer.

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