Lithia Motors (LAD) Announces Four Million Common Share Offering
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Lithia Motors, Inc. (NYSE: LAD) has commenced a public offering of 4,000,000 shares of Class A common stock. The Company also intends to grant to the underwriters for the public offering a 30-day option to purchase up to an additional 600,000 shares to cover over-allotments, if any. J.P. Morgan Securities Inc. is acting as the sole bookrunner for the offering and Stephens Inc. is acting as a co-manager.
The Company plans to use the net proceeds of the offering for general corporate purposes, including working capital and potential acquisitions. Prior to such use, the Company expects to use the net proceeds of the offering to pay down amounts outstanding under its revolving credit facility and one or more of its flooring lines of credit, which can be re-accessed when cash is needed for other purposes. [SM]
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