Lithia Motors to repay revolver debt with common stock proceeds

By Sara Rosenberg

New York, Oct. 5 - Lithia Motors Inc. plans to repay borrowings under its revolving credit facility and one or more of its flooring lines of credit using proceeds from the sale of 4 million shares of class A common stock, according to a 424B5 filed with the Securities and Exchange Commission on Monday.

Net proceeds from the offering are expected to be around $49.4 million, assuming an offering price of $13.15 per share.

Lithia is a Medford, Ore.-based operator of automotive franchises and retailer of new and used vehicles and services.

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