Lithia Motors Inc., a leading provider of personal transportation solutions, announced today that it completed an amendment and extension of its existing syndicated credit facility, increasing the total financing commitment to $2.8 billion, and extending the maturity date to January 1, 2025. The syndicated credit facility can be expanded to $3.2 billion in total availability, subject to lender approval.

“The increase of our revolving credit facility to $2.8 billion provides Lithia additional strength and flexibility to support our growth aspirations,” said Tina Miller, Senior Vice President and Chief Financial Officer. “We would like to thank each of our financial partners as their continued support is key to achieving our plans for continuous growth and innovation.”

Under the terms of the amendment, the new vehicle floor plan interest rate has been reduced to one-month LIBOR plus 110 basis points, and the used vehicle floor plan interest has been reduced to one-month LIBOR plus 140 basis points.

The revolving credit facility interest rate has also been reduced, ranging from LIBOR plus 100 basis points to LIBOR plus 200 basis points, based on Lithia’s consolidated lease adjusted leverage ratio.

On December 9, Lithia also completed an issuance of $400 million in aggregate principal amount of 4.625% senior notes due 2027 (the "Notes") in a private offering (the "Private Offering") that is exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The Notes were offered and sold only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act and outside the United States in accordance with Regulation S under the Securities Act.