Shares of Lithia Motors Inc. fell 0.8% in premarket trading Thursday, putting them on track for a fourth straight loss, after the auto retailer announced the pricing of its $1 billion stock offering and upsized debt offering. The company raised $1 billion as it offered 3.11 million shares for sale to the public at $322.00 a share, which was 2.4% below Wednesday’s closing price of $327.77, and 9.6% below Tuesday’s closing, after which the company announced plans for the stock and debt offerings. Separately, the company priced its $800 million private offering of 3.875% senior notes due 2029, which is $300 million more than the previously announced offering size. The stock, which shed 7.4% on Wednesday after the offering was announced, and 10.7% over the past three sessions, has advanced 12.7% year to date through Wednesday, while the S&P 500 has gained 9.6%.
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