Morgan Automotive to pay down revolver drawings with notes proceeds

By Sara Rosenberg

New York, July 19 – Morgan Automotive (LCM Investments Holdings II LLC) plans to repay in full outstanding borrowings under its revolving credit facilities using proceeds from a $500 million senior notes offering, according to a market source.

Any remaining proceeds from the notes following the revolver repayment will be used for general corporate purposes.

Morgan Automotive is a Tampa, Fla.-based automotive retailer.

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