By Paul A. Harris
St. Louis, March 9 - Sonic Automotive, Inc. priced a $210 million issue of 9% eight-year senior subordinated notes (Caa1/B-/) at 99.299 to yield 9 1/8% on Tuesday, according to a market source.
The yield printed on top of the price talk.
Bank of America Merrill Lynch and J.P. Morgan Securities Inc. were the joint bookrunners.
Proceeds will be used to redeem a portion of the 8 5/8% senior subordinated notes due 2013.
Sonic Automotive is a Charlotte, N.C.-based automotive retailer.
| Issuer: | Sonic Automotive, Inc.
|
| Amount: | $210 million
|
| Maturity: | March 15, 2018
|
| Securities: | Senior subordinated notes
|
| Bookrunners: | Bank of America Merrill Lynch, J.P. Morgan Securities Inc.
|
| Co-manager: | Comerica
|
| Coupon: | 9%
|
| Price: | 99.299
|
| Yield: | 9 1/8%
|
| Spread: | 579 bps
|
| Call protection: | Four years
|
| Trade date: | March 9
|
| Settlement date: | March 12
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A/Regulation S with registration rights
|
| Price talk: | 9 1/8% area
|
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