Sonic buys back $62.5M in debt

Sonic Corp. said Wednesday it has repurchased $62.5 million of the company’s debt through a privately negotiated deal.

The Oklahoma City, Okla.-based parent company to the 3,500-unit drive-in chain said the purchase, combined with regularly scheduled principal payments, helps to bolster its capital structure and provide added financial flexibility.

Sonic said it expects to see a gain of about $5 million on the extinguishment of the Class A-1 variable funding senior notes.<

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