Sonic Automotive closes $320M term loan and extends Mortgage Facility to 2027

SONIC AUTOMOTIVE INC

Incurred $320M term loan under amended Mortgage Facility; used $77.6M to repay prior term loan.
New Delayed Draw Credit Facility up to $85.0M; $7.0M drawn on Nov 18, 2022.
Aggregate commitments increased to $500M; maturity extended to Nov 17, 2027.
Replaced LIBOR with Term SOFR; pricing grid adjusted based on leverage ratio.
Subsidiaries entered Amended and Restated Subsidiary Guaranty.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SONIC AUTOMOTIVE INC amended Amendment with PNC Bank, National Association, as administrative agent, and the other financial institutions party thereto (effective 2022-11-17).

Action: amendment
Agreement: credit facility
Counterparty: PNC Bank, National Association, as administrative agent, and the other financial institutions party thereto
Effective: 2022-11-17

Exact text from the filing

On November 17, 2022, Sonic Automotive, Inc. (the “Company”) and certain of its subsidiaries entered into the Fourth Amendment to Credit Agreement and Lender Joinder (the “Amendment”) with PNC Bank, National Association (“PNC”), as administrative agent, and the other financial institutions party thereto.

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SONIC AUTOMOTIVE INC filing history →

Source: SEC EDGAR

accession 0001043509-22-000020

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