Lithia Motors Completes New $200 Million Credit Agreement
October 03 2011 - 12:37PM
Marketwired
Lithia Motors, Inc. (NYSE: LAD) announced today that it has
completed a new $200 million three-year revolving syndicated credit
facility that will expire in October 2014.
The revolving facility will provide $100 million for new vehicle
inventory floorplan financing and $100 million for general
corporate purposes including working capital and acquisitions.
Participants in the facility are US Bank, N.A. and JPMorgan Chase
Bank, N.A. The syndication was arranged through US Bank, who serves
as agent to the facility.
Commenting on the transaction, Chris Holzshu, Senior Vice
President and Chief Financial Officer, said, "The new revolving
facility expands our partnership with two of the nation's strongest
banks and is a testament to our deep and meaningful relationship
with them."
Under the terms of the new agreement, Lithia notes that based on
current borrowing levels pretax floorplan interest expense will be
reduced by approximately $250,000 per quarter.
About Lithia Lithia Motors, Inc. is the
ninth largest automotive retailer in the United States. Lithia
sells 27 brands of new and all brands of used vehicles at 86
stores, which are located in 12 states. Lithia also sells used
vehicles; arranges finance, warranty, and credit insurance
contracts; and provides vehicle parts, maintenance, and repair
services at all of its locations.
Sites www.lithia.com www.lithiacareers.com
www.assuredservice.com
Lithia Motors on Facebook
http://www.facebook.com/LithiaMotors
Lithia Motors on Twitter http://twitter.com/lithiamotors
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For additional information on Lithia Motors, contact John North
VP Finance and Controller (541) 618-5748
Lithia Motors (NYSE:LAD)
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