Sonic Automotive said it has amended and extended its credit facilities that were scheduled to mature in August 2012.
The amended credit facilities, which will now mature in August 2016, provide for up to:
• $500 million for new vehicle inventory floor plan financing, an increase of $179 million;
• $80 million for used vehicle inventory floor plan financing, an increase of $30 million; and
• $175 million for working capital and general corporate purposes, an increase of $25 million.
Bank of America Merrill Lynch arranged the syndication and will serve as administrative agent.
Lenders in the new syndicated credit facilities include four manufacturer-affiliated finance companies — Mercedes-Benz Financial Services USA, BMW Financial Services, Toyota Motor Credit Corp. and VW Credit Inc. — and seven commercial banks and other lending institutions: Bank of America, JPMorgan Chase, US Bank, National Association, Wells Fargo, National Association, Comerica Bank, Capital One and World Omni Financial Corp.
Sonic Automotive is an automotive retailer.