Adesa expected to start roadshow for downsized $125 million deal May 17 week

By Paul A. Harris and Sara Rosenberg

St. Louis, May 10 - Adesa Inc. is expected to start a roadshow during the week of May 17 for its downsized $125 million offering of seven-year senior subordinated notes (B1), according to an informed source.

UBS Investment Bank and Merrill Lynch & Co. are the underwriters.

Proceeds from the sale, which was downsized from $200 million, will be used to finance Adesa's spinoff from Allete Inc.

Adesa is a Carmel, Ind.-based operator of used vehicle and salvage auctions.

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