Acquisition of Top-15 U.S. Dealer Group expected to add $3.2 Billion in annualized revenues. Sonic Automotive, Inc. (NYSE:SAH), a Fortune 500 Company and one of the nation’s largest automotive retailers, announced the closing of the acquisition of RFJ Auto Partners, Inc. that was originally announced in September. This acquisition represents one of the largest transactions […]
expected to add $3.2 billion in revenues on an annualized basis During the third quarter, Sonic repurchased 0.5 million shares of Class A Common Stock for an aggregate purchase price of $24.8 million In October, the Company amended its credit facilities to increase revolver and floor plan commitments from $1.8 billion to $2.95 billion, in addition to completing an upsized offering of $1.15 billion aggregate principal amount of unsecured senior notes due 2029 and 2031 at a blended rate of 4.73%, with expected use of net proceeds to fund the acquisition of RFJ Auto, the redemption of outstanding notes, and for general corporate purposes, including the repayment of debt Commentary David Smith, Chief Executive Officer of Sonic and EchoPark, commented, “I am extremely proud of our team for delivering continued year-over-year growth, in particular against a backdrop of industry-wide inventory headwinds and supply chain disruptions.