8-K - Sonic Automotive, Inc. | StockGist

AI Analysis

AI-generated analysis. Always verify with the original filing.

Sonic Automotive, Inc. entered into a $150 million senior unsecured bridge facility credit agreement with PNC Bank on March 27, 2026, borrowing the full amount with maturity in 364 days or upon refinancing of its existing PNC Mortgage Facility.

Key Takeaways

1Entered Bridge Facility Credit Agreement with PNC Bank for $150 million senior unsecured term loan on March 27, 2026.

2Borrowed full $150 million on closing date.

3Interest at Term SOFR + 2.50% or Base Rate + 1.50%, at company's option.

4Matures on earliest of 364 days after closing or PNC Mortgage Facility refinancing.

5Prepayable without premium or penalty; includes standard covenants and events of default.

6PNC Mortgage Facility remains outstanding.

Current Report Details

Event Type

Material Agreement

Disclosure

Mandatory

Variant

8-K

Items Reported

1.01

is incorporated by reference into this Item 2.03. Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No.: 10.1 | Description: Bridge Facility C

Material Agreement

Source Document

Transaction Details

Material Agreement

Agreement: Bridge Facility Credit Agreement
Parties: Sonic Automotive, Inc., PNC Bank, National Association (as administrative agent and lender)

•Senior unsecured term loan facility of $150 million
•Full $150 million borrowed on March 27, 2026 (Closing Date)
•Maturity: earlier of 364 days after Closing Date or refinancing of PNC Mortgage Facility
•Interest: Term SOFR + 2.50% or Base Rate + 1.50% at Company's option
•Prepayable without premium or penalty
•Contains customary representations, warranties, affirmative and negative covenants restricting indebtedness, dividends, capital expenditures, dispositions and acquisitions
•Customary events of default including cross defaults and change of control

Debt / Financing

Instrument: Senior unsecured term loan (Bridge Facility)
Principal: 150000000
Rate: Term SOFR + 2.50% or Base Rate + 1.50%
Maturity: Earlier of 364 days after March 27, 2026 or refinancing of PNC Mortgage Facility

Exhibits (2)

10.1

EX-10.1

8-K