Morgan Automotive to draw on revolver for South Motors purchase

By Sara Rosenberg

New York, Jan. 8 – Morgan Automotive (LCM Investments Holdings II LLC) plans to use borrowings under its revolving credit facility to help fund the acquisition of South Motors and to pay related fees and expenses, according to a market source.

Other funds for the transaction will come from $350 million of senior notes and cash on hand.

The notes were upsized from $300 million to reduce the amount of the revolver draw, the source added.

Morgan Automotive is an automotive retailer.

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