Morgan Automotive to price $300 million tap of 8¼% notes due 2031 in Monday drive-by

By Paul A. Harris

Portland, Ore., Jan. 8 – Morgan Automotive plans to price a $300 million add-on to the LCM Investments Holdings II, LLC 8¼% senior notes due Aug. 1, 2031 (B2/B+) in a Monday drive-by trailing a conference call with investors, according to market sources.

Initial guidance has the deal pricing in the 101.5 area, a trader said.

The Rule 144A and Regulation S for life add-on notes become subject to an initial call on Aug. 1, 2026 at 104.125.

BofA Securities Inc. is the sole bookrunner.

The automotive retailer expects to use the proceeds plus borrowings under its credit facilities and cash on hand to fund the proposed acquisition of South Motors.

The original $500 million issue priced in July 2023.

The add-on notes are to become immediately fungible with the original notes.

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