Lithia Motors revolver prices at Libor plus 200 bps, 25 bps unused fee

By Sara Rosenberg

New York, April 20 - Lithia Motors Inc.'s new five-year revolving credit facility has initial pricing of Libor plus 200 basis points with a 25 bps unused fee, according to an 8-K filed with the Securities and Exchange Commission on Friday.

Pricing can range from Libor plus 175 bps to 250 bps and the unused fee can range from 20 bps to 40 bps, based on leverage.

The company's new vehicle floorplan pricing is Libor plus 150 bps with a 20 bps unused fee.

The facility is made up of $500 million for new vehicle inventory floorplan financing, $100 million for used vehicle inventory floorplan financing and $50 million for general corporate purposes, including working capital and acquisitions.

U.S. Bank and JPMorgan Chase were the bookrunners on the deal that was completed on April 17.

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

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