Lithia & Driveway (LAD) Announces Upsizing And Pricing Of Senior Notes Offering

Core Viewpoint - Lithia & Driveway has announced a private offering of $600 million in senior notes with a 5.500% interest rate, increasing the offering size by $100 million from previous announcements, aimed at repaying a portion of outstanding borrowings under revolving credit lines [1] Group 1: Financial Details - The private offering is expected to close on September 10, 2025, subject to customary closing conditions [1] - The net proceeds from the offering will be used for repaying borrowings and may be reborrowed for general corporate purposes, including acquisitions and working capital [1] Group 2: Regulatory Information - The offering is exempt from the registration requirements of the Securities Act of 1933 and will be sold only to qualified institutional buyers in the U.S. and outside the U.S. under specific regulations [2] - The notes have not been registered under the Securities Act or any state securities laws, and cannot be offered or sold in the U.S. without registration or an applicable exemption [2] Group 3: Company Overview - Lithia & Driveway is the largest global automotive retailer, providing a wide range of products and services throughout the vehicle ownership lifecycle [4] - The company aims to modernize personal transportation solutions through a comprehensive network of physical locations, e-commerce platforms, and other services, delivering consistent and profitable growth in a large and unconsolidated industry [4]