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Lithia Announces Pricing of Senior Notes Offering

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MEDFORD, Ore.–(BUSINESS WIRE)–Lithia Motors, Inc. (NYSE: LAD) today announced the pricing of its previously announced offer of $400 million in aggregate principal amount of its 4.625% senior notes due 2027 (the “Notes”) in a private offering (the “Private Offering”) that is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The Private Offering is expected to close on December 9, 2019, subject to customary closing conditions.

Lithia intends to use the net proceeds of the Private Offering to repay all amounts then outstanding under the revolving line of credit under its credit facility and the remainder for general corporate purposes, which may include funding acquisitions, capital expenditures and other debt repayment. Pending final application, all or a portion of the net proceeds of the Private Offering may be applied to reduce indebtedness, including under Lithia’s new and used vehicle floor plan facilities.

The Notes will be offered and sold only to persons reasonably believed to be qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act and outside the United States pursuant to Regulation S under the Securities Act. The Notes have not been, and will not be, registered under the Securities Act, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and the rules promulgated thereunder.

This press release is being issued pursuant to Rule 135c under the Securities Act, and is neither an offer to sell nor a solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Lithia Motors Inc.:

Lithia Motors Inc. is one of the largest providers of personal transportation solutions in the United States and is among the fastest-growing companies in the Fortune 500 (#265 in 2019). Lithia is a growth company powered by people and innovation. By purchasing and building strong businesses that have yet to realize their potential, Lithia generates significant cash flows while maintaining low leverage. Operational excellence is achieved by focusing on the consumer experience and by utilizing proprietary performance measurements to increase market share and profitability. With a unique growth model, Lithia invests to expand and modernize its nationwide network to create personal transportation solutions wherever, whenever and however consumers desire.

Sites:

www.lithiamotors.com
www.lithiainvestorrelations.com
www.lithiacareers.com

Facebook:

www.facebook.com/LithiaMotors

Twitter:

@lithiamotors

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. Generally, you can identify forward-looking statements by terms such as “project”, “outlook”, “target”, “may”, “will”, “would”, “should”, “seek”, “expect”, “plan”, “intend”, “forecast”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “likely”, “goal”, “strategy”, “future”, “maintain”, and “continue” or the negative of these terms or other comparable terms.

Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements in this press release. Therefore, you should not rely on any of these forward-looking statements. The risks and uncertainties that could cause actual results to differ materially from estimated or projected results include, without limitation:

  • future economic and financial conditions (both nationally and locally);
  • changes in customer demand, our relationship with, and the financial and operational stability of, vehicle manufacturers and other suppliers;
  • risks associated with our indebtedness (including available borrowing capacity, compliance with financial covenants and ability to refinance or repay indebtedness on favorable terms);
  • the adequacy of our cash flow and earnings and other conditions which may affect our ability to pay our quarterly dividend at the planned level;
  • disruptions to our technology network including computer systems and software, as well as natural events such as severe weather, fires, floods and earthquakes or man-made or other disruptions of our operating systems, structures, facilities or equipment; and
  • government regulations, legislation and others set forth throughout “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in “Part I, Item 1A. Risk Factors” of our most recent Annual Report on Form 10-K, and from time to time in our other filings with the SEC.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Contacts

Eric Pitt

Vice President, Investor Relations & Treasurer

Lithia Motors, Inc.

epitt@lithia.com
541-864-1748

 

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Business and Management

Granite Subsidiary Awarded $16 Million Interstate Rehabilitation Project in Illinois

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WATSONVILLE, Calif.–(BUSINESS WIRE)–Granite (NYSE:GVA) announced today that its wholly-owned subsidiary, Kenny Construction Company (“Kenny”), has been awarded a contract by the Illinois Department of Transportation to rehabilitate sections of Interstate 94 (I-94) at Montrose Avenue in Cook County, Illinois.

The project will replace the superstructure and rehabilitate the substructure of I-94 at Montrose Avenue including improvements to drainage and safety with new roadway and underdeck lighting.

“This is an ideal project for our Midwest-based civil team,” said Ryan Clark, vice president of Granite’s Midwest Civil operations. “Located in the backyard of our Northbrook, Illinois office, this project will improve the lives of Cook County residents as well as the hundreds of thousands who travel on one of the busiest roads in the state.”

Construction is expected to begin in early 2020 and be complete in the fall of 2020.

About Granite

Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite provider in the transportation, water infrastructure and mineral exploration markets. Granite’s Code of Conduct and strong Core Values guide the Company and its employees to uphold the highest ethical standards. In addition to being one of the World’s Most Ethical Companies for ten consecutive years, Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit graniteconstruction.com, and connect with Granite on LinkedIn, Twitter, Facebook and Instagram.

Contacts

Media

Erin Kuhlman 831-468-4111

Investors

Lisa Curtis 831-728-7532

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Business and Management

STERLING BANCORP ALERT: Bragar Eagel & Squire, P.C. is Investigating Sterling Bancorp, Inc. on Behalf of Stockholders and Encourages Investors to Contact the Firm

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NEW YORK–(BUSINESS WIRE)–#SBT–Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, is investigating potential claims against Sterling Bancorp, Inc. (NASDAQ:SBT) on behalf of Sterling Bancorp stockholders. Our investigation concerns whether Sterling Bancorp has violated the federal securities laws and/or engaged in other unlawful business practices.

Click here to participate in the action.

On December 9, 2019, Sterling Bancorp disclosed that its subsidiary, Sterling Bank and Trust, FSB, suspended its Advantage Loan program due to an ongoing internal review of documentation on past loans and an implementation of “systems and controls to ensure the Bank’s policies and procedures are followed on loans originated under the program.”

On this news, the Company’s stock price fell $1.23 per share, or over 13%, on December 9, 2019.

If you purchased or otherwise acquired Sterling Bancorp shares and suffered a loss, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.

About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contacts

Bragar Eagel & Squire, P.C.

Brandon Walker, Esq.

Melissa Fortunato, Esq.

(212) 355-4648

investigations@bespc.com
www.bespc.com

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Business and Management

The Peck Company Supports Education within the Solar and Electrical Services Industry

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SOUTH BURLINGTON, Vt.–(BUSINESS WIRE)–The Peck Company Holdings, Inc. (NASDAQ:PECK), a leading commercial solar engineering, procurement and construction (EPC) company, is proud to recognize their employees as they complete advanced training in the solar and electrical services industry.

The Peck Company is constructing our energy future and works hard to ensure that our team members obtain the education necessary for a long-term career in the industry. In November, several employees became certified to install the Tesla Powerwall and another employee passed the PV System Inspector (PVSI) Board Certification test. According to the North American Board of Certified Energy Practitioners, Inc. (NABCEP®), the PVSI recognizes the advanced experience and skill of inspecting residential and commercial photovoltaic systems. This advanced certification is for those who are highly knowledgeable of PV systems, applicable codes and ordinances, and are assessing the safety and operation of PV systems. The Peck Company honors and supports the dedication of its employees as they expand their skillsets to meet the needs of the industry.

Jeffrey Peck, Chief Executive Officer, commented, “We believe that investing in education for our employees is an important part of our growth story and supports our overall value proposition as a leader in the industry. The industry has experienced tremendous growth so far, and industry analyst Wood Mackenzie predicts further acceleration, and we are always looking for new team members who have a passion for the renewable energy industry. We will continue make decisions that support our employees and our long-term vision as a profitable growth company.”

About The Peck Company Holdings, Inc.

Headquartered in South Burlington, VT, The Peck Company Holdings, Inc. is a 2nd-generation family business founded in 1972 and rooted in values that align people, purpose, and profitability. Ranked by Solar Power World as one of the leading commercial solar contractors in the Northeastern United States, the Company provides EPC services to solar energy customers for projects ranging in size from several kilowatts for residential properties to multi-megawatt systems for large commercial and utility scale projects. The Company has installed over 125 megawatts worth of solar systems since it started installing solar in 2012 and continues its focus on profitable growth opportunities. Please visit www.peckcompany.com for additional information.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as “may,” “should,” “expects,” “could,” “intends,” “plans,” “anticipates,” “estimates,” “believes,” “forecasts,” “predicts” or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.

Contacts

IR:

J. Charles Assets

Jay Hetrick

407-627-0169

jayhetrick@jcharlesassets.com
JCharlesAssets.com

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