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.<

Register to view the full article

Register to view this article

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish