Lithia Motors expands revolving credit facility to $800 million

By Marisa Wong

Madison, Wis., Dec. 27 - Lithia Motors, Inc. amended its loan agreement dated April 17, 2012 to increase commitments under its revolving credit facility to $800 million, according to an 8-K filing with the Securities and Exchange Commission. The amendment became effective on Dec. 19.

The five-year revolving facility originally totaled $650 million and could be increased to $800 million.

The facility now provides $575 million, increased from $500 million, for new vehicle inventory floorplan financing; $80 million, reduced from $100 million, for new vehicle inventory floorplan financing; and $145 million, increased from $50 million, for general corporate purposes, including acquisitions and working capital.

U.S. Bank NA, JPMorgan Chase Bank, NA, Mercedes-Benz Financial Services USA LLC, Toyota Motor Credit Corp., BMW Financial Services NA, LLC, Nissan Motor Acceptance Corp., Bank of America, NA, Wells Fargo Bank, NA, Bank of the West and KeyBank NA are lenders with U.S. Bank as agent.

Lithia is a Medford, Ore.-based automotive retailer.

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