Sonic Automotive entered into a fourth amended and restated credit agreement, which encompasses a revolving facility with a borrowing limit of $250 million, which may be expanded up to $300 million in total credit availability. The facility is available for acquisitions, capital expenditures, working capital and general corporate purposes

According to a related 8-K filing, Bank of America served as administrative agent and swing line lender. Bank of America, Mercedes-Benz Financial Services USA, BMW Financial Services, Toyota Motor Credit, JPMorgan Chase Bank, Comerica Bank, VW Credit, U.S. Bank, Wells Fargo, World Omni Financial, American Honda Finance, Capital One, MassMutual Asset Finance, PNC Bank and TD Bank were lenders. Bank of America and Wells Fargo served as letter of credit issuers. The revolving facility matures on November 30, 2021.

Sonic Automotive operates more than 100 dealerships spread across 13 states and 25 major metropolitan markets. The company represents 25 different automotive brands. The majority of its dealerships are luxury and import brands.

Amounts outstanding under the revolving facility bear interest at a specified percentage above LIBOR, ranging from 1.50% to 2.75% per annum according to a performance-based pricing grid determined by the company’s consolidated total lease adjusted leverage ratio (as defined in the revolving facility) as of the last day of the immediately preceding fiscal quarter, or a specified percentage above the base rate, ranging from 0.50% to 1.75% per annum according to the performance grid. In addition, there is a quarterly commitment fee payable by the company on the unused portion of the revolving facility, ranging from 0.25% to 0.50% per annum according to the performance grid. The revolving facility also provides for a quarterly letter of credit fee payable by the company on the outstanding letters of credit under the revolving facility, ranging from 1.375% to 2.625% per annum according to the performance grid.