KAR Auction Services Seeks to Refinance Credit Agreement
Carmel, IN – February 22, 2016 – KAR Auction Services, Inc. (NYSE: KAR) (the “Company”) announced today that it is seeking to refinance its existing Amended and Restated Credit Agreement, dated as of March 11, 2014 (as amended, the “Credit Agreement”), that would, among other things, provide for a new 5-year revolving facility and a new 7-year term loan B facility, the proceeds of which will be used to refinance the commitments and outstanding loans of the Company under its existing revolving and term loan B-1 facilities. The Company’s existing term loan B-2 facility will remain outstanding.
The Company cannot assure that it will be able to successfully complete the refinancing.
About KAR Auction Services, Inc.
KAR Auction Services, Inc. (NYSE: KAR), a FORTUNE® 1000 company, operates worldwide vehicle auction services and provides related services. Based in Carmel, Indiana, the KAR group of companies is comprised of ADESA, Inc. (ADESA), Insurance Auto Auctions, Inc. (IAA), Automotive Finance Corporation (AFC), and additional business units, with approximately 14,000 employees and 240 auction facilities. Together, KAR’s complementary businesses provide support, technology and logistics for the used vehicle industry. For more information, visit karauctionservices.com.
Certain statements contained in this release include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and which are subject to certain risks, trends and uncertainties. In particular, statements made that are not historical facts may be forward-looking statements. Words such as “should,” “may,” “will,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and similar expressions identify forward-looking statements. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include those matters disclosed in the Company’s Securities and Exchange Commission filings. The Company does not undertake any obligation to update any forward-looking statements.