Truist Securities is acting as lead arranger for up to $660 million of syndicated senior credit facilities for LMP Automotive Holdings, an e-commerce and facilities-based platform for consumers to buy, sell, subscribe to or finance pre-owned and new automobiles.
“We chose to partner with Truist because they have proven their leadership in the syndicated and leveraged finance market, accompanied by their strong industry expertise financing growth-oriented dealer platforms, automotive retail investment banking, dealer commercial services, dealer retail services, fleet leasing and structured real estate,” Sam Tawfik, CEO at LMP, said.
“This prospective senior credit facility can provide additional financial flexibility to support our acquisitions and business strategy. We want to thank Truist and their team for their support,” Evan Bernstein, CFO at LMP, said. “The facility can also provide additional borrowing availability, increased financial flexibility consisting of the new vehicle floor plan, used vehicle floor plan and a revolving credit facility. We expect the rates and terms on all of these facilities to be competitive with our public franchise dealer operator peers.”
“There is a ton of opportunity for us to partner with dealers and consolidate the market. In the recent months, the company has signed definitive agreements to partner and purchase dealerships. These facilities can enable LMP to begin a rolling close process,” Richard Aldahan, chief operating officer at LMP, said. “LMP is laser-focused on the execution of its e-commerce hybrid online strategy. This prospective partnership represents meaningful progress towards our 2021 plan. As we begin to overlay our model on top of our acquired dealerships, we expect momentum to accelerate and the company looks forward to achieving many more significant and transformative milestones in the future.”
