Sonic Automotive ups credit facility by $245 million, extends to 2019

By Toni Weeks

San Luis Obispo, Calif., July 24 – Sonic Automotive, Inc. entered into an amendment on Wednesday to its 2011 credit facilities, which resulted in an aggregate increase of availability of $245 million, according to a 10-Q filing with the Securities and Exchange Commission.

Specifically, the amendment increased the availability under the 2011 revolving credit facility by $50 million to $225 million and increased the availability under the 2011 floor plan facilities by $195 million to $800 million.

The company also extended the maturity of the facility to Aug. 15, 2019 from Aug. 15, 2016.

Bank of America, NA is the administrative agent for the revolver and floor plan facilities.

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

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