Lithia Motors secures up to $700M CAD in credit facilities for Canada expansion with Pfaff

LITHIA MOTORS INC

Three credit facilities: $50M CAD working capital revolver, $300M CAD floor plan, $350M CAD wholesale lease financing.
Facilities support Lithia's entry into Canada via partnership with Toronto-based Pfaff Automotive Partners.
Interest rates: Prime or CDOR plus spreads ranging from 0.25% to 1.50% per annum.
Covenants require fixed charge coverage ≥1.20:1 and leverage ≤5.75:1; secured by personal property of Canadian borrowers.
Bank of Nova Scotia is lender; facilities repayable on demand with standard default provisions.

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