Morgan Automotive to price $270 million tap of 4 7/8% notes due 2029 in Tuesday drive-by

By Paul A. Harris

Portland, Ore., Sept. 14 – Morgan Automotive Group plans to price a $270 million add-on to the LCM Investments Holdings II, LLC 4 7/8% senior notes due May 1, 2029 (existing ratings B2/BB-) in a Tuesday drive-by trailing a conference call with investors, according to an informed source.

BofA Securities Inc. is the bookrunner for the Rule 144A and Regulation S offering.

The Tampa, Fla.-based automotive retailer plans to use the proceeds to fund its acquisition of the Reeves dealership assets and to pay down the used vehicle floor plan facility, with any remaining proceeds to be used for general corporate purposes.

The original $700 million issue priced in April 2021.

The add-on notes are to become fungible with the original notes upon the closing of the acquisition.

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