(RTTNews) - Lithia Motors, Inc. (LAD), Wednesday announced its intention to offer $500 million in aggregate principal amount of senior notes due 2030 in a private offering.

The company plans to use the amount to repay a portion of the borrowings outstanding under its revolving lines of credit.

Such amounts may be reborrowed and used for general corporate purposes, including acquisitions and working capital, the company added.

In the pre-market hours, LAD is trading at $329.30, up 0.76 percent on the New York Stock Exchange.