IAA to redeem $500 million 5˝% senior notes due 2027

By William Gullotti

Buffalo, N.Y., Feb. 17 – IAA, Inc. (Insurance Auto Auctions, Inc.) gave conditional notice of optional full redemption to holders of its $500 million 5˝% senior notes due 2027 on Friday, according to an 8-K filing with the Securities and Exchange Commission.

The notes, issued June 6, 2019, will be redeemed at 102.75 plus accrued and unpaid interest on March 20.

The redemption is conditioned upon the consummation of IAA’s merger agreement with Ritchie Bros. Auctioneers Inc. on or prior to the redemption date.

U.S. Bank Trust Co., NA is the trustee.

IAA is a Westchester, Ill.-based provider of salvage car auction solutions for total loss, damaged and low-value vehicles.

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