SAH · Sonic Automotive, Inc.

Sonic Automotive, Inc. secured a $150 million senior unsecured bridge facility from PNC Bank, National Association, fully drawing the amount on March 27, 2026. This short-term financing, maturing in 364 days or upon refinancing the existing PNC Mortgage Facility, provides immediate liquidity with flexible interest options tied to Term SOFR plus 2.50% or Base Rate plus 1.50%. Prepayment is allowed without penalty, offering the company repayment flexibility. The agreement mirrors terms of the 2019 PNC Mortgage Facility, which remains outstanding, suggesting continuity in lender relationship. Standard covenants limit dividends, new debt, capex, and asset sales, protecting lender interests while allowing operational flexibility. Events of default include cross-defaults to other material debt and change of control, with immediate repayment possible upon trigger. PNC's role as administrative agent and lender, alongside existing relationships including the PNC Mortgage Facility, underscores ongoing banking ties. This bridge likely supports near-term needs, potentially tied to refinancing or working capital, with the exhibit providing full agreement details for investor review.