Lithia Amends Revolving Credit Facility with US Bank
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MEDFORD, Ore. — Lithia Motors said it took a step toward fostering growth Tuesday as it amended its revolving credit facility with US Bank.
The amendments include the maturity date being pushed back almost three years, a boost to the amount on the facility and a decrease in the interest rate.
More specifically, the maturity date is now June 30, 2013. It was previously set to mature Oct. 28 of this year.
The facility is now $75 million, up from $50 million previously, and the interest rate is at L1 + 2.75 percent, versus the prior rate of L1 + 3.25 percent.
"The extension of our revolving credit facility marks further progress as we position Lithia for future growth," stated Sid DeBoer, Lithia's chairman and chief executive officer.
"US Bank has been a key partner throughout our history, and I am pleased that our relationship will continue for many years to come," he added.
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Additionally, the company is also reporting its second-quarter earnings on July 29.
