KAR Auction/Openlane accepts $140 million of notes from tender offer

Chicago, June 2 – KAR Auction Services Inc., now Openlane, Inc., announced the results of its offer to buy up to $140 million principal amount of its $350 million of outstanding 5 1/8% senior notes due 2025 (Cusip: 48238TAA7, U24457AA8) with a portion of the proceeds received from the previously announced sale of its U.S. physical auction business to Carvana, according to a news release.

The company said that $140 million of the notes were validly tendered and accepted for purchase by the expiration time at 5 p.m. ET on June 2.

Interest will also be paid on top of the par purchase price.

The issuer is a Carmel, Ind.-based provider of wholesale used vehicle auctions and a provider of floorplan financing.

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