secwatch.observer — SEC 8-K summary
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Issuer:     LITHIA MOTORS INC (LAD)
CIK:        0001023128
Form:       8-K
Filed at:   2022-11-04T23:59:59+00:00
Accession:  0001023128-22-000161
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Lithia Motors subsidiary enters $500M revolving credit facility with Mizuho for auto loan financing
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- 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).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1023128/000102312822000161/0001023128-22-000161-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1023128/000102312822000161/lad-20221101.htm
  HTML page:      https://secwatch.observer/filing/0001023128-22-000161

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