Drive-in restaurant chain Sonic Corp. said that certain of its subsidiaries are going to refinance their outstanding securitization debt with a new securitization debt facility. The underwriter on the transaction is Barclays Capital.

Its subsidiaries have had a securitized financing facility in place since December 2006, and as of Feb. 28, there was roughly $502 million of notes outstanding under this facility, according to a press release from the company.

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