secwatch.observer — SEC 8-K summary
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Issuer:     LITHIA MOTORS INC (LAD)
CIK:        0001023128
Form:       8-K
Filed at:   2022-06-08T23:59:59+00:00
Accession:  0001023128-22-000080
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Lithia Motors amends credit facility to $3.75B, adopts SOFR; signs $1.125B CAD Canadian credit agreement
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- Second Amendment to $3.75B credit facility; expansion option to $4.5B; replaces LIBOR with SOFR.
- Reallocated commitments: up to $1B used vehicle floorplan, $1B revolving, $1.7B new vehicle floorplan, $50M service loaner.
- Real property borrowing base cap increased to $1B; aggregate revolving loan commitment limited to 40% of total.
- Canadian Credit Agreement: $1.125B CAD from BNS-led syndicate; includes revolving, wholesale flooring, used vehicle, wholesale leasing, daily rental facilities.
- Canadian credit matures June 3, 2025; financial covenants: fixed charge coverage >=1.20x, leverage <=5.75x.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1023128/000102312822000080/0001023128-22-000080-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1023128/000102312822000080/lad-20220602.htm
  HTML page:      https://secwatch.observer/filing/0001023128-22-000080

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