Lithia Motors talks $300 million eight-year senior notes to yield 5 3/8%-5 5/8%; pricing Monday

By Paul A. Harris

Portland, Ore., July 17 – Lithia Motors, Inc. talked its $300 million offering of eight-year senior notes (Ba2/BB) to yield 5 3/8% to 5 5/8%, according to a market source.

The deal is set to price later on Monday.

J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc. and BofA Merrill Lynch are the joint bookrunners.

The notes, which are coming in Rule 144A and Regulation S formats, feature three years of call protection.

The Medford, Ore.-based automotive retailer plans to use the proceeds for general corporate purposes, which may include acquisitions, capital expenditures and debt repayment.

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