Simpson Thacher represented J.P. Morgan Securities LLC and the other initial purchasers in connection with the inaugural bond offering by Lithia Motors, Inc. (“Lithia”) of $300 million aggregate principal amount of 5.25% Notes due 2025 pursuant to Rule 144A and Regulation S, which closed on July 24, 2017. Lithia intends to use the proceeds from the notes offering for general corporate purposes, which may include funding acquisitions, capital expenditures and debt repayment.
Lithia is one of the largest automotive retailers in the United States and is among the fastest growing companies in the Fortune 500. Lithia sells 30 brands of new vehicles and all brands of used vehicles at 160 stores in 18 states.
The Simpson Thacher team included, among others, Art Robinson, John O’Connell, Tony Rim, Catherine Burns and Steven LoCascio (Capital Markets); Jon Cantor and Pierce Pandolph (Tax); Michael Isby (Environmental); Larry Moss and Maddy Sprung-Keyser (Executive Compensation and Employee Benefits); Lori Lesser (Intellectual Property); and Andrew Pagliughi (Blue Sky). Summer Associate Jill Winter also provided valuable assistance.