Sonic Completes Issuance of Securitized Notes

  Sonic Completes Issuance of Securitized Notes

Business Wire

OKLAHOMA CITY -- July 18, 2013

Sonic Corp. (NASDAQ: SONC), the nation's largest chain of drive-in
restaurants, today announced that certain of its subsidiaries have issued $155
million of 2013-1 Senior Secured Fixed Rate Notes (the "2013 Notes") in a
private transaction. The net proceeds of the issuance will be applied to repay
approximately $155 million of Series 2011-1 Senior Secured Fixed Rate Notes
(the “2011 Notes”) at par on July 22, 2013. The 2013 Notes will have an
expected life of seven years and bearinterest at3.75% per annum, payable
monthly, with no scheduled principal amortization. Guggenheim Securities,
LLCacted as the sole structuring advisor and sole bookrunning manager for the

"We are very pleased that we were able to leverage the strength of our brand
and business model to refinance a portion of our debt at a very attractive
rate," said Clifford Hudson, Chairman and Chief Executive Officer. "This
refinancing further optimizes shareholder value with an estimated $2.0 million
to $2.5 million annual decrease in interest expense. We continue to build our
brand and execute our key initiatives using our multi-layered growth strategy,
comprised of same-store sales growth, operating leverage, new unit growth and
effective deployment of free cash flow to drive double-digit earnings growth
in the near and long term."

The subsidiaries that issued the 2013 Notes are indirect subsidiaries of Sonic
Corp. that hold substantially all of Sonic's franchising assets and company
drive-in real estate. The servicing and repayment of the 2013 Notes will be
made solely from the income derived from these indirect subsidiaries' assets.
Neither Sonic Corp., the ultimate parent of each of the subsidiaries involved
in the securitization, nor any subsidiary of Sonic other than the subsidiaries
involved in the securitization, guarantee or in any way are liable for the
obligations of the subsidiaries involved in the securitization under the
indenture pursuant to which the 2013 Notes are issued or the 2013 Notes
themselves, or any other obligation of such subsidiaries in connection with
the issuance of the 2013 Notes.

The 2011 Notes have a fixed interest rate of 5.4% with approximately $450
million outstanding prior to prepayment.

These securities are not registered under the Securities Act and may not be
offered or sold in the United States absent registration or an applicable
exemption from registration requirements. This is not an offer to sell or a
solicitation of an offer to buy such securities.

About Sonic

SONIC®, America's Drive-In®, is the nation's largest chain of drive-in
restaurants with more than 3,500 drive-ins serving approximately three million
customers every day. Over the past 60 years, SONIC has delighted guests with
signature menu items, more than one million drink combinations, friendly
service by iconic Carhops and ongoing support of education through its
award-winning Limeades for Learning® program. SONIC received top honors as
America's "#1 burger quick service restaurant" in the 2013 Temkin Experience
Ratings report. For more information about Sonic Corp. (NASDAQ/NM: SONC) and
its subsidiaries, please visit Customers can also
connect with SONIC at or on Twitter @sonicdrive_in.

This press release contains forward-looking statements, including the
anticipated effective weighted average fixed interest rate on a GAAP basis.
Forward-looking statements reflect management's expectations regarding future
events and operating performance and speak only as of the date hereof. These
forward-looking statements involve a number of risks and uncertainties.
Factors that could cause actual results to differ materially from those
expressed in, or underlying, these forward-looking statements are detailed in
the company's annual and quarterly report filings with the Securities and
Exchange Commission. The company undertakes no obligation to publicly release
revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of unforeseen
events, except as required to be reported under the rules and regulations of
the Securities and Exchange Commission.



Sonic Corp.
Claudia San Pedro, 405-225-4846
Vice President of Investor Relations
Communications and Treasurer
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