Privately held McLean, Va.-based Capital Automotive LLC and its operating company, Capital Automotive L.P. (collectively, CARS), is organized as a C Corporation and invests in real estate leased primarily to franchised auto dealerships and other auto-related businesses. Standard&Poor's Ratings Services ratings on CARS reflect the company's highly aggressive financial leverage, partially offset by relatively stable revenues and cash flow. CARS plans to establish a new six-year $1.5 billion term loan and a five-year $200 million revolving credit facility. The company will use borrowings under the term loan facility, along with cash on hand and an equity contribution from funds managed by DRA Advisors LLC (DRA), largely to refinance existing borrowings, including its $1.4 billion tranche C term loan,
