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. “We are ...
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Contact: Desiree Torres Desiree.Torres@penton.com