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Sonic Corp. has announced that its subsidiaries intend to refinance their outstanding securitization debt with a new debt facility.

Sonic's subsidiaries have had a securitized financing facility in place since December 2006, and as of February 28, 2011, there was approximately $502 million of outstanding notes.

The net proceeds of the new facility will be used to repay the 2006 notes in full and for general corporate purposes. It is anticipated that the new facility will close this year. The 2006 notes are currently scheduled to be repaid by December 2012.

Sonic has more than 3,500 drive-ins throughout the United States.

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