LAD - Lithia Motors shares down on capital raise
Lithia Motors & Driveway (LAD) to offer $1B of shares of our Class A common stock with underwriters over-allotment offer of an additional $150M of common stock.The company intends to use the net proceeds for general corporate purposes, which may include financing possible acquisitions, repaying or refinancing debt, working capital and capital expenditures. The company also announced to offer $500M of senior notes due 2029 in a private offering.Shares down 1.8% premarket.
For further details see:
Lithia Motors shares down on capital raise