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Sonic Automotive completes bond redemption

Charlotte-based Sonic Automotive said Thursday that it has completed the redemption of its outstanding 4.25 percent convertible senior subordinated notes due 2015.

To date in 2010, the Fortune 500 automotive retailer said it has repurchased or redeemed $49 million of its outstanding public debt using cash on hand.

“At the beginning of this year, we communicated some clear capital structure goals as part of our overall financial strategy,” said Scott Smith, the company’s president. “This represents another step forward in our long-term strategic plan. The recovery in the automotive retailing market and the operating initiatives we have implemented provide us with a solid platform for cash flow generation. We expect to use that cash to further reduce leverage, provide a return to shareholders and finance other strategic business initiatives.”

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