LITHIA MOTORS INC (LAD): debt financing — Lithia Motors subsidiary enters $500M revolving credit facility with Mizuho for auto loan financing

LITHIA MOTORS INC

DFC Business Services, LLC (Lithia subsidiary) may borrow up to $500M under revolving Loan Agreement dated Nov 1, 2022.
Lender commitments terminate in October 2025, unless extended or terminated earlier per the agreement.
Borrowings accrue interest at a rate per annum based on the Alternate Base Rate as defined in the agreement.
Proceeds will finance the purchase of motor vehicle retail installment contracts (auto loans).
Loan includes financial covenants (hedge maintenance, adequate capital) and negative covenants (indebtedness limits, asset disposals).

item 1.01 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

LITHIA MOTORS INC incurred revolving credit of $500.0 million with Mizuho Bank, Ltd. maturing October 2025.

Instrument: revolving credit
Principal: $500.0 million
Counterparty: Mizuho Bank, Ltd.
Maturity: October 2025
Event: incurrence

Exact text from the filing

the Borrower may incur up to an aggregate principal amount of $500.0 million in revolving loan borrowings (the “Credit Facility”)

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

LITHIA MOTORS INC entered into Loan Agreement with Mizuho Bank, Ltd. valued at $500.0 million (effective 2022-11-01).

Action: entry
Agreement: credit facility
Counterparty: Mizuho Bank, Ltd.
Value: $500.0 million
Effective: 2022-11-01

Exact text from the filing

Entry Into a Material Definitive Agreement Auto Loan Warehouse Facility On November 1, 2022, DFC Business Services, LLC (the “Borrower”), a wholly owned subsidiary of Lithia Motors, Inc., entered into a Loan Agreement with Driveway Finance Corporation (“DFC”), as servicer and collateral custodian, the lenders from time to time party thereto, the agents from time to time party thereto, and Mizuho Bank, Ltd.

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Source: SEC EDGAR

accession 0001023128-22-000161

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