May 6, 2013
/PRNewswire/ -- Sonic Automotive, Inc. (NYSE: SAH) today announced the pricing of its private offering of
in aggregate principal amount of 5.00% Senior Subordinated Notes due 2023 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 notes were priced at 100% of par, resulting in a yield to maturity of 5.00%. This offering is expected to close on
, 2013. The net proceeds of this offering will be used to redeem all of its outstanding 9.0% Senior Subordinated Notes due 2018 (the "9.0% Notes") pursuant to the optional redemption provisions of the indenture governing the 9.0% Notes, and to pay related fees and expenses, and any remaining amount will be used for general corporate purposes, including the acquisition and development of dealerships and related real property, repurchases of shares of its Class A common stock and other working capital needs.
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 9.0% Notes.