Lithia Motors Completes New $200 Million Credit Agreement
Lithia Motors Inc.’s new $200 million three-year revolving syndicated credit facility will provide $100 million for new-vehicle floorplan financing and $100 million for general corporate purposes.
MEDFORD, Ore. — Lithia Motors Inc. announced 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 floorplan financing and $100 million for general corporate purposes, including working capital and acquisitions, according to Lithia.
Participants in the facility were US Bank, N.A. and JPMorgan Chase Bank, N.A. The syndication was arranged through US Bank, which serves as agent to the facility.
"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," said Chris Holzshu, senior vice president and chief financial officer.
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