Lithia Motors Completes New $650M Credit Agreement
Lithia Motors, Inc. (NYSE: LAD) announced today that it has completed a new $650 million five-year revolving syndicated credit facility with 10 institutions that will expire in April 2017. The facility can be expanded to $800 million in total availability.
The revolving facility will provide $500 million for new vehicle inventory floorplan financing, $100 million for used vehicle inventory floorplan financing and $50 million for general corporate purposes including working capital and acquisitions.
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