Sonic Automotive amends credit facility, removes liquidity covenant, permits share exchange transactions

SONIC AUTOMOTIVE INC

Fifth Amendment to Mortgage Facility executed March 22, 2024 with PNC Bank and other lenders.
Removes requirement to maintain a specified consolidated liquidity ratio.
Permits certain share exchange transactions as allowed restricted payments and dispositions.
Total facility size unchanged: $500M ($95M revolver, $405M term loan as of Nov 2022).
Certain lenders under the facility have other lending relationships with Sonic.

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 Fifth Amendment to Credit Agreement with PNC Bank, National Association (effective 2024-03-22).

Action: amendment
Agreement: credit facility
Counterparty: PNC Bank, National Association
Effective: 2024-03-22

Exact text from the filing

On March 22, 2024, Sonic Automotive, Inc. (the “Company”) and certain of its subsidiaries entered into the Fifth Amendment to Credit Agreement (the “Amendment”) with PNC Bank, National Association (“PNC”), as administrative agent, and the other financial institutions party thereto.

View on SEC.gov

536 material agreements filed in the last 30 days. Browse all material agreements →

SONIC AUTOMOTIVE INC filing history →

Source: SEC EDGAR

accession 0001043509-24-000033

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.