Sonic signs $775M credit agreement
September 14, 2006
OKLAHOMA CITY — Sonic Corp. has signed a $775 million credit agreement with a syndicate of financial institutions led by Banc of America Securities LLC and Lehman Brothers Inc.
According to a news release, the credit agreement provides for a new senior secured credit facility, which consists of a $100 million, five-year revolving credit facility and a $675 million, seven-year term loan facility.
Sonic will pay a commitment fee on the unused portion of the revolving credit facility, starting at 0.375 percent and adjusting over time based upon Sonic's leverage ratio.
