Lane Powell Assists Lithia in Closing $1B Credit Line
Lane Powell client Lithia Motors recently closed a $1 billion revolving credit line in order to support their operations and expansion. The completed revolving syndicated credit facility will provide $700 million to finance new vehicle inventories, $150 million for used vehicle inventories and $150 million for general corporate purposes, which includes acquiring new dealerships. Lithia, the ninth largest automotive retailer in the U.S., now operates 94 stores in 11 states. It expects 2014 sales to top $4.3 billion. Lane Powell attorneys Andy Morrow, Drew Ognall, Jeremy Bader, Mike Silvey, Fil Rose, Cliff Spencer and Michael Parise represented Lithia in closing the deal.
Read the December 18 Portland Business Journal article titled “Lithia Closes $1B Credit Deal.”