Simpson Thacher Represents Initial Purchasers in Bond Offering by Lithia Motors
12.09.19
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Simpson Thacher represented J.P. Morgan Securities LLC and the other initial purchasers in connection with the offering by Lithia Motors, Inc. (“Lithia”) of $400 million aggregate principal amount of 4.625% Notes due 2027 pursuant to Rule 144A and Regulation S, which closed on December 9, 2019. Lithia intends to use the proceeds from the notes offering to repay revolver borrowings under its credit facility and for general corporate purposes, which may include funding acquisitions, capital expenditures and debt repayment.
Lithia is one of the largest automotive retailers and providers of personal transportation solutions in the United States, and in 2019 was ranked #265 on the Fortune 500. Lithia operates 189 stores representing 30 brands in 20 states.
The Simpson Thacher team included Art Robinson, John O’Connell and Carina Kan (Capital Markets); Jon Cantor and Sergio Torres (Tax); Michael Isby (Environmental); Larry Moss and Caitlin Grimes (Executive Compensation and Employee Benefits); Lori Lesser (Intellectual Property); and Andrew Pagliughi (Blue Sky).