Lithia Motors & Driveway (LAD) Announces Upsizing And Pricin

Lithia Motors & Driveway (LAD) Announces Upsizing And Pricing Of Senior Notes Offering


Lithia Motors & Driveway (LAD) Announces Upsizing And Pricing Of Senior Notes Offering
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MEDFORD, Ore., May 19, 2021 /PRNewswire/ -- Lithia Motors & Driveway (NYSE: LAD) today announced the pricing of $800 million in aggregate principal amount of its 3.875% senior notes due 2029 (the "Notes") in a private offering (the "Private Offering"), which represents an increase of $300 million from the offering size previously announced. The Private Offering is expected to close on May 27, 2021, subject to customary closing conditions.
Lithia intends to use a portion of the net proceeds of the Private Offering to redeem or repurchase all of its outstanding $300 million aggregate principal amount of 5.250% senior notes due 2025 (the "2025 Notes"), and to pay fees and expenses in connection therewith, and to use the remainder for general corporate purposes, which may include financing possible acquisitions, repaying or refinancing debt, working capital and capital expenditures.

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