Shearman And Sterling

News July 24, 2020

Lithia Motors, Inc.’s $400 Million At-The-Market Program

Shearman & Sterling represented BofA Securities, Inc. and Jefferies LLC in connection with the commencement of Lithia Motors, Inc.’s At-The-Market equity program to sell shares of its common stock, no par value, having an aggregate offering price of up to $400 million.

The proceeds from offerings under the program will be used for general corporate purposes, which could include financing possible acquisitions, repayment of obligations that have matured, reducing or refinancing debt, working capital and capital expenditures.

Lithia is a leading provider of personal transportation solutions in the United States and is among the fastest growing companies in the Fortune 500. As of June 30, 2020, Lithia operated 188 locations representing 30 brands in 20 states. Lithia offers a wide range of products and services, including new and used vehicles, finance and insurance products and automotive repair and maintenance.

The Team