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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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