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<P id=PARA1 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION</B><BR>Washington, D.C. 20549</FONT></P>
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<P style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>FORM 8-K</B></FONT></P>
<P style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><STRONG></STRONG>&nbsp;</P>
<P id=PARA5 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>CURRENT&nbsp;REPORT</B></FONT></P>
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<P style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Pursuant to&nbsp;Section 13 or 15(d) of the<BR>Securities Exchange Act of 1934</B></FONT></P>
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<P id=PARA9 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Date of Report: December 21, 2015</B><BR>(Date of earliest event reported)</FONT></P>
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<P id=PARA12 style="TEXT-ALIGN: center; MARGIN: 0pt 2.8pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Lithia Motors, Inc.</B><BR>(Exact name of registrant as specified in its charter)</FONT></P></TD></TR>
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<TD style="WIDTH: 60%; VERTICAL-ALIGN: middle" colSpan=3>&nbsp; </TD></TR>
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<P id=PARA13 style="TEXT-ALIGN: center; MARGIN: 0pt 0.8pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>OR</B><BR>(State or other jurisdiction<BR>of incorporation)</FONT></P></TD>
<TD style="WIDTH: 20%; VERTICAL-ALIGN: top">
<P id=PARA14 style="TEXT-ALIGN: center; MARGIN: 0pt 0.8pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>001-14733</B><BR>(Commission File Number)</FONT></P></TD>
<TD style="WIDTH: 40%; VERTICAL-ALIGN: top">
<P id=PARA15 style="TEXT-ALIGN: center; MARGIN: 0pt 0.8pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>93-0572810</B><BR>(IRS Employer<BR>Identification Number)</FONT></P></TD></TR>
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<TD style="WIDTH: 60%; VERTICAL-ALIGN: middle" colSpan=3>&nbsp; </TD></TR>
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<TD style="WIDTH: 40%; VERTICAL-ALIGN: middle">
<P id=PARA16 style="TEXT-ALIGN: center; MARGIN: 0pt 0.8pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>150 N. Bartlett St, Medford, OR</B><BR>(Address of principal executive offices)</FONT></P></TD>
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<P id=PARA17 style="TEXT-ALIGN: left; MARGIN: 0pt 0.8pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
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<P id=PARA18 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>97501</B><BR>(Zip Code)</FONT></P></TD></TR>
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<TD style="WIDTH: 40%; VERTICAL-ALIGN: middle">&nbsp;</TD>
<TD style="WIDTH: 20%; VERTICAL-ALIGN: middle">&nbsp;</TD>
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<P id=PARA19 style="TEXT-ALIGN: center; MARGIN: 0pt 2.8pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>541-776-6401</B><BR>(Registrant&#39;s telephone number, including area code)</FONT></P></TD></TR>
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<TD style="WIDTH: 60%; VERTICAL-ALIGN: middle" colSpan=3>&nbsp; </TD></TR>
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<P id=PARA20 style="TEXT-ALIGN: center; MARGIN: 0pt 2.8pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Not Applicable</B><BR>(Former Name or Former Address, if changed since last report)</FONT></P></TD></TR></TABLE>
<P id=PARA22 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><BR><BR>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</FONT></P>
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<TD style="WIDTH: 4%; VERTICAL-ALIGN: top">&nbsp;</TD>
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<P id=PARA61><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9744;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P></TD>
<TD style="WIDTH: 94%; VERTICAL-ALIGN: top">
<P id=PARA62><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P></FONT></TD></TR>
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<TD style="WIDTH: 4%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&#9744;</TD>
<TD style="WIDTH: 94%; VERTICAL-ALIGN: top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
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<TD style="WIDTH: 4%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&#9744;</TD>
<TD style="WIDTH: 94%; VERTICAL-ALIGN: top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
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<TD style="WIDTH: 4%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 2%; VERTICAL-ALIGN: top">&#9744;</TD>
<TD style="WIDTH: 94%; VERTICAL-ALIGN: top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR></TABLE>
<P id=PARA25 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 30pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<P id=PARA65.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-LEFT: 0.75pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 1.01 </B><B>Entry into a Material Definitive Agreement.</B></FONT></P>
<P id=PARA32 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-LEFT: 0.75pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA33 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-LEFT: 0.75pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Effective December 18, 2015, Lithia Motors, Inc. (the &#8220;Company&#8221;), entered into a Second Amendment to Amended and Restated Loan Agreement (the Second Amendment&#8221;), amending its Amended and Restated Loan Agreement (as amended, the &#8220;Loan Agreement&#8221;) with U.S. Bank National Association as agent for the lenders, and U.S. Bank National Association; JPMorgan Chase Bank, N.A.; Toyota Motor Credit Corporation; American Honda Finance Corporation; Mercedes-Benz Financial Services USA LLC; TD&nbsp;Bank, N.A.; Bank of America, N.A.; BMW Financial Services NA, LLC; Capital One, N.A.; KeyBank National Association; Bank of the West; Ally Bank; Santander Bank, N.A.; VW Credit, Inc.; Nissan Motor Acceptance Corporation; Branch Banking &amp; Trust Company; BMO Harris Bank; and Hyundai Capital America, as lenders. Prior to the Second Amendment, the Loan Agreement provided for a credit facility with an aggregate total financing commitment of $1.7 billion, which would have matured in October 2019. In connection&nbsp;with the Second Amendment, the Company exercised its option to increase the aggregate total financing commitment to $1.85 billion (which the Company may request be further increased to $2.1 billion). The Second Amendment also extended the term of the Loan Agreement to January 2021. Under the Loan Agreement as amended, the total commitment is allocated $180 million to used vehicle inventory floorplan financing, $170 million to revolving loans for acquisitions and other general corporate purposes, and the remaining $1.5 billion for new vehicle inventory floorplan financing. The Company has the option to reallocate the commitments, provided that the used vehicle inventory floorplan financing commitment does not exceed $250 million, the revolving loan commitment does not exceed $300 million, and the sum of these commitments plus the new vehicle inventory floorplan financing commitment does not exceed the aggregate total financing commitment of $1.85 billion. The interest rate on the credit facility varies based on the type of debt, with the rate of one-month LIBOR plus 1.25% for new vehicle floorplan financing, one-month LIBOR plus 1.50% for used vehicle floorplan financing and a variable interest rate on the revolving financing ranging from the one-month LIBOR plus 1.25% to 2.50% depending on the Company&#8217;s leverage ratio.</FONT>
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<DIV id=PGHDR63  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA30 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">A copy of the Second Amendment is attached as Exhibit 10.1 and incorporated herein by reference.</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><B>Item 9.01 </B><B>Fi</B><B>nancial Statements and Exhibits</B></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><STRONG></STRONG>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><B>(d) Exhibits</B></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">10.1 Second Amendment to Amended and Restated Loan Agreement, dated effective as of December 18, 2015</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA43 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 0.75pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>SIGNATURE</B></FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 0.75pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA44 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 0.75pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</FONT>
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<P id=PARA64.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><B>LITHIA MOTORS, INC.</B></FONT></P></TD>
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<P id=PARA64.8 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dated: December 21, 2015</FONT></P></TD>
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<P id=PARA64.11 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD></TR>
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<P id=PARA64.12 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</P></TD>
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<P id=PARA64.13 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By: </FONT></P></TD>
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<P id=PARA64.14 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/&nbsp;John F. North III&nbsp;</FONT></P></TD>
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<P id=PARA64.16 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD>
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<P id=PARA64.17 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD>
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<P id=PARA64.18 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">John F. North III</FONT></P></TD>
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<P id=PARA64.19 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD></TR>
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<P id=PARA64.20 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD>
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<P id=PARA64.21 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P></TD>
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<P id=PARA64.22 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><I>VP Finance / Chief Accounting Officer</I></FONT></P></TD>
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<P id=PARA46 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
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<P id=PARA54 style="TEXT-ALIGN: center; MARGIN: 0pt 1.05pt 0pt 0.75pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Exhibit Index</B></FONT></P></TD></TR>
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<P id=PARA55 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0.75pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><U><B>Exhibit No.</B></U></FONT></P></TD>
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<P id=PARA56 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0.75pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><U><B>Description</B></U></FONT></P></TD></TR>
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<P id=PARA57 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0.75pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.1</FONT></P></TD>
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<P id=PARA58 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-LEFT: 0.75pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Second Amendment to Amended and Restated Loan Agreement, dated effective as of December 18, 2015</FONT></P></TD></TR></TABLE>
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lad20151221_8k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: December 21, 2015
(Date of earliest event reported)
Lithia Motors, Inc.
(Exact name of registrant as specified in its charter)
OR
(State or other jurisdiction
of incorporation)
001-14733
(Commission File Number)
93-0572810
(IRS Employer
Identification Number)
150 N. Bartlett St, Medford, OR
(Address of principal executive offices)
97501
(Zip Code)
541-776-6401
(Registrant's telephone number, including area code)
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Item 1.01
Entry into a Material Definitive Agreement.
Effective December 18, 2015, Lithia Motors, Inc. (the "Company"), entered into a Second Amendment to Amended and Restated Loan Agreement (the Second Amendment"), amending its Amended and Restated Loan Agreement (as amended, the "Loan Agreement") with U.S. Bank National Association as agent for the lenders, and U.S. Bank National Association; JPMorgan Chase Bank, N.A.; Toyota Motor Credit Corporation; American Honda Finance Corporation; Mercedes-Benz Financial Services USA LLC; TD Bank, N.A.; Bank of America, N.A.; BMW Financial Services NA, LLC; Capital One, N.A.; KeyBank National Association; Bank of the West; Ally Bank; Santander Bank, N.A.; VW Credit, Inc.; Nissan Motor Acceptance Corporation; Branch Banking & Trust Company; BMO Harris Bank; and Hyundai Capital America, as lenders. Prior to the Second Amendment, the Loan Agreement provided for a credit facility with an aggregate total financing commitment of $1.7 billion, which would have matured in October 2019. In connection with the Second Amendment, the Company exercised its option to increase the aggregate total financing commitment to $1.85 billion (which the Company may request be further increased to $2.1 billion). The Second Amendment also extended the term of the Loan Agreement to January 2021. Under the Loan Agreement as amended, the total commitment is allocated $180 million to used vehicle inventory floorplan financing, $170 million to revolving loans for acquisitions and other general corporate purposes, and the remaining $1.5 billion for new vehicle inventory floorplan financing. The Company has the option to reallocate the commitments, provided that the used vehicle inventory floorplan financing commitment does not exceed $250 million, the revolving loan commitment does not exceed $300 million, and the sum of these commitments plus the new vehicle inventory floorplan financing commitment does not exceed the aggregate total financing commitment of $1.85 billion. The interest rate on the credit facility varies based on the type of debt, with the rate of one-month LIBOR plus 1.25% for new vehicle floorplan financing, one-month LIBOR plus 1.50% for used vehicle floorplan financing and a variable interest rate on the revolving financing ranging from the one-month LIBOR plus 1.25% to 2.50% depending on the Company's leverage ratio.
A copy of the Second Amendment is attached as Exhibit 10.1 and incorporated herein by reference.
Item 9.01
Fi
nancial Statements and Exhibits
(d) Exhibits
10.1 Second Amendment to Amended and Restated Loan Agreement, dated effective as of December 18, 2015
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
LITHIA MOTORS, INC.
Dated: December 21, 2015
By:
/s/ John F. North III
John F. North III
VP Finance / Chief Accounting Officer
Exhibit Index
Exhibit No.
Description
10.1
Second Amendment to Amended and Restated Loan Agreement, dated effective as of December 18, 2015