Sonic also announced that it has purchased approximately $28.6 million of its Class A-2 senior fixed-rate notes during its third fiscal quarter, using excess cash. With over $90 million in cash after the purchases are completed, Sonic will continue to use its excess cash on an opportunistic basis for credit enhancements, stock repurchases or other stockholder-value initiatives.
Why the buy back of these notes? Investor conference next week. What is going on? Any thoughts?