- Sonic Automotive Inc (NYSE:SAH) revealed a proposed private offering of $1.0 billion of its Senior Notes due 2029 and Senior Notes due 2031.
- The notes will be guaranteed on a senior unsecured basis by certain of the company’s subsidiaries.
- Sonic Automotive intends to use the offering net proceeds to fund the acquisition of RFJ Auto Partners Inc.
- Sonic will also use the proceeds to redeem its outstanding 6.125% Senior Subordinated Notes due 2027, with any remaining amount to be used for general corporate purposes.
- Price Action: SAH shares are trading lower by 1.76% at $55.18 on the last check Wednesday.
B of A Securities Upgrades Delta Air Lines to Buy, Raises Price Target to $48
B of A Securities analyst Andrew Didora upgrades Delta Air Lines (NYSE:DAL) from Neutral to Buy and raises the price target from $46 to $48.
