secwatch.observer — SEC 8-K summary
======================================

Issuer:     LITHIA MOTORS INC (LAD)
CIK:        0001023128
Form:       8-K
Filed at:   2021-09-03T23:59:59+00:00
Accession:  0001023128-21-000107
Event type: debt
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1023128/000102312821000107/0001023128-21-000107-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1023128/000102312821000107/lad-20210830.htm
  HTML page:      https://secwatch.observer/filing/0001023128-21-000107

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer