Lithia Motors upsizes credit facility to $6.0B, extends maturity to 2029

LITHIA MOTORS INC

Total financing commitment increased from $4.69B to $6.0B, expandable to $6.5B with lender approval.
Credit facility expiration extended to February 23, 2029; includes annual 1-year extension options.
Fifth Amendment also provides for payoff of Wells Fargo Credit Agreement and release of related liens.
New lenders join and existing lenders increase commitments; exiting lenders paid in full.

Key facts

Extracted from this filing and checked against the source text.

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

LITHIA MOTORS INC amended Fifth Amendment with U.S. Bank National Association valued at $6.00 billion (effective 2024-02-23).

Action: amendment
Agreement: credit facility
Counterparty: U.S. Bank National Association
Value: $6.00 billion
Effective: 2024-02-23

Exact text from the filing

On February 23, 2024, Lithia Motors, Inc. (the "Company”) entered into a Fifth Amendment (the "Fifth Amendment”) to its Fourth Amended and Restated Loan Agreement (the "Loan Agreement”) with U.S. Bank National Association as agent for the lenders, and each of the lenders party to the Loan Agreement, as lenders (collectively, the "Lenders”).

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Source: SEC EDGAR

accession 0001023128-24-000036

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