CHARLOTTE, N.C. — Sonic Automotive announced Tuesday that it entered into new syndicated credit facilities with several financial institutions that mature in August 2012.

Furthermore, company executives noted that new floor plan arrangements with several manufacturer-affiliated finance companies for both new and used vehicles have been added as well.

They pointed out these new lending arrangements replace Sonic's existing syndicated credit facility that was scheduled to mature next month.

Sonic revealed the terms of the new syndicated credit facilities. The company said up to $321 million is available for new-vehicle inventory floor plan financing, while up to $50 million is available for used-vehicle inventory floor plan financing. Meanwhile, another facility up to $150 million can be used for working capital and general corporate purposes.

Company executives explained that the syndication was arranged through Banc of America Securities LLC. They also noted that lenders in the new syndicated credit facilities include three manufacturer-affiliated finance companies. That contingent includes DCFS USA LLC, BMW Financial Services NA LLC and Toyota Motor Credit Corp.

In addition, Sonic's other new credit facilities are through and five commercial banks and other lending institutions. This group includes Bank of America, N.A., JP Morgan Chase Bank, Wachovia Bank, National Association with Wells Fargo Bank National Association as an LC issuer, Comerica Bank and World Omni Financial Corp.

Beyond the newly established facility, Sonic also said it entered into separate credit arrangements for floor plan financing with several other companies. Among those institutions are BMW Financial Services NA LLC, DCFS USA LLC, Ford Motor Credit Co., GMAC, Toyota Motor Credit Corp. and World Omni Financial Corp.

Executives explained how these separate floor plan facilities will operate. They're intended to provide financing for both new and used vehicle inventory at dealerships associated with the respective manufacturer affiliates of these captive finance companies.

Scott Smith, Sonic's president, shared his viewpoints about how these new facilities will benefit the company.

"The refinancing of these facilities is another in a series of financing transactions Sonic has been able to complete over the past year that have greatly strengthened our balance sheet," Smith explained.

"The entities involved in these credit arrangements have been financing partners for our company for many years," he went on to highlight.

"We appreciate both the commercial lending institutions and the manufacturer-affiliated finance companies working together to meet Sonic's working capital and inventory financing needs," Smith concluded.