Lithia & Driveway announced the pricing of $600 million in aggregate principal amount of its 5.500% senior notes due 2030. This represents an increase of $100 million from the previously announced offering size, indicating strong investor demand for the debt.
The private offering is expected to close on September 10, 2025, subject to customary closing conditions. The notes will be offered and sold to qualified institutional buyers in the United States and outside the United States pursuant to specific exemptions from registration requirements.
Lithia intends to use the net proceeds from this offering to repay a portion of the borrowings outstanding under its revolving lines of credit. These amounts may then be reborrowed and utilized for general corporate purposes, including funding future acquisitions and supporting working capital needs, thereby enhancing the company's financial flexibility for growth.
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