Results
Lithia Motors Inc.
08/08/2025 | Press release | Distributed by Public on 08/08/2025 14:17
Material Agreement, Financial Obligation (Form 8-K)
Item 1.01. Entry Into a Material Definitive Agreement
Sixth Amendment to Fourth Amended and Restated Loan Agreement
On August 6, 2025, Lithia Motors, Inc. (the "Company") entered into a Sixth Amendment (the "Sixth Amendment") to its Fourth Amended and Restated Loan Agreement, dated as of April 29, 2021 (including all amendments, the "Loan Agreement") with U.S. Bank National Association as administrative agent and agent for the lenders, and each of the lenders party to the Loan Agreement, as lenders.
Among other changes, the Sixth Amendment:
•Increases the total financing commitment from $6.0 billion to $6.5 billion, which may be further expanded to up to a total of $7.0 billion, subject to Lender approval and the satisfaction of other conditions, with initial allocations as follows:
◦New Vehicle Floorplan - $3,000,000,000
◦Used Vehicle Floorplan - $900,000,000
◦Revolver - $2,500,000,000
◦Service Loaner Floorplan Facility - $100,000,000
•Modifies the Company's option to reallocate the commitments under the Credit Facility to allow the aggregate revolving loan commitment to be up to 50% of the amount of the aggregate commitment, and increases the limit on eligible real estate that can be used in the revolving loan base.
•Removes Financing Operations interest expense from the fixed charge coverage ratio.
A copy of the Sixth Amendment is set forth as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference. The description of the Sixth Amendment in this Report is only a summary and is qualified in its entirety by reference to the actual terms of the Sixth Amendment.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information set forth above under Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
Lithia Motors Inc. published this content on August 08, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on August 08, 2025 at 20:18 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]