Lithia Motors closes $200 million three-year revolver via US Bank

By Susanna Moon

Chicago, Oct. 3 - Lithia Motors, Inc. said it completed a $200 million three-year revolving syndicated credit facility due October 2014 via US Bank NA as agent.

The revolving facility will provide $100 million for new vehicle inventory floorplan financing and $100 million for general corporate purposes, including working capital and acquisitions.

JPMorgan Chase Bank, NA also participated in the financing, according to a press release.

Lithia said that, based on current borrowing levels, pretax floorplan interest expense will be reduced by about $250,000 per quarter under the loan terms.

Lithia is an automotive retailer based in Medford, Ore.

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