8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

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FORM 8-K

________________________

Current Report

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 14, 2021

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LKQ CORPORATION

(Exact name of registrant as specified in its charter)

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Delaware		000-50404	36-4215970
(State or other jurisdiction of<br><br>incorporation or organization)		(Commission<br>File Number)	(IRS Employer<br><br>Identification No.)
500 West Madison Street,	Suite 2800
Chicago,	Illinois		60661
(Address of principal executive offices)			(Zip Code)

Registrant's telephone number, including area code: (312) 621-1950

N/A

(Former name or former address, if changed since last report)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | | --- | --- || ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | | --- | --- || ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | | --- | --- || ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | | --- | --- |

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.01 per share	LKQ	NASDAQ	Global Select Market

Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company      ☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 8.01	Other Events.

On May 14, 2021, LKQ Corporation ("LKQ") issued a press release announcing that Fitch Ratings, Inc. (“Fitch”) assigned first time Long-Term Issuer Default Ratings of ‘BBB-’ to LKQ and its subsidiary LKQ European Holdings B.V. ("LKQ Europe"). Additionally, Fitch assigned ratings of ‘BBB-’ to LKQ’s senior secured revolving credit facility and term loan and to the senior unsecured notes issued by LKQ Europe and LKQ Italia Bondco S.p.A. Fitch’s rating outlook for LKQ and LKQ Europe is stable.

A copy of the May 14, 2021 press release is filed as Exhibit 99.1 to this report and is incorporated herein by reference.

Item 9.01	Financial Statements and Exhibits.

(d) Exhibits

Exhibit<br><br>Number	Description of Exhibit
99.1	LKQ Corporation Press Release dated May 14, 2021.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: May 18, 2021

LKQ CORPORATION
By:	/s/ Varun Laroyia
	Varun Laroyia
	Executive Vice President and Chief Financial Officer

Document

Exhibit 99.1

Fitch Initiates Rating of LKQ Corporation: ‘BBB-’ with Stable Outlook

Chicago, IL (May 14, 2021) -- LKQ Corporation (Nasdaq: LKQ), a leading provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles, announced that Fitch Ratings, Inc. (“Fitch”) has assigned first time Long-Term Issuer Default Ratings of ‘BBB-’ to LKQ and its subsidiary LKQ European Holdings B.V. (LKQ Europe). Additionally, Fitch has assigned ratings of ‘BBB-’ to LKQ’s senior secured revolving credit facility and term loan and to the senior unsecured notes issued by LKQ Europe and LKQ Italia Bondco S.p.A. Fitch’s rating outlook for LKQ and LKQ Europe is stable.

“Achieving investment grade status with Fitch is another significant milestone for LKQ as we focus on operational excellence. We stated our investment grade ambitions at our September 2020 Investor Day and I am pleased that Fitch has recognized our progress,” said Varun Laroyia, Executive Vice President and Chief Financial Officer. “This credit rating validates the efficacy of our operational excellence programs, which were implemented to make our business more resilient, strengthen our balance sheet, drive sustainable profitability and generate robust levels of free cash flow. With our credit facility net leverage ratio of 1.4x EBITDA, well within our stated target of 2.0x, we have the ability to allocate our cash flow towards pursuing organic investments, targeting tuck-in acquisitions and returning capital to stockholders while maintaining an investment grade credit rating.”

More information regarding LKQ’s rating assignment can be found on Fitch's website at: www.fitchratings.com

About LKQ Corporation

LKQ Corporation (www.lkqcorp.com) is a leading provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles. LKQ has operations in North America, Europe and Taiwan. LKQ offers its customers a broad range of OE recycled and aftermarket parts, replacement systems, components, equipment, and services to repair and accessorize automobiles, trucks, and recreational and performance vehicles.

Forward Looking Statements

Statements and information in this press release that are not historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are made pursuant to the “safe harbor” provisions of such Act.

Forward-looking statements include, but are not limited to, statements regarding our outlook, guidance, expectations, beliefs, hopes, intentions and strategies. These statements are subject to a number of risks, uncertainties, assumptions and other factors including those identified below. All forward-looking statements are based on information available to us at the time the statements are made. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

You should not place undue reliance on our forward-looking statements. Actual events or results may differ materially from those expressed or implied in the forward-looking statements. The risks, uncertainties, assumptions and other factors that could cause actual events or results to differ from the events or results predicted or implied by our forward-looking statements include, among others, major events affecting the bond markets, changes in interest rates, changes in our cash position or cash requirements for other purposes, general market conditions, and other factors discussed in our filings with the SEC, including those disclosed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2020 and in our subsequent Quarterly Reports on Form 10-Q. These reports are available on our investor relations website at lkqcorp.com and on the SEC website at sec.gov.

Contact:

Joseph P. Boutross

Vice President, Investor Relations

LKQ Corporation

(312) 621-2793

jpboutross@lkqcorp.com