CARMEL,
Ind., June 2, 2023 /PRNewswire/ -- OPENLANE,
Inc. (f/k/a KAR Auction Services, Inc.) (NYSE: KAR) (the
"Company"), today announced the results of its previously announced
offer to purchase (the "Asset Sale Offer") up to $140,000,000 of its 5.125% Senior Notes due 2025
(the "Notes") for cash at a price equal to 100% of the principal
amount of the Notes, equivalent to $1,000 per $1,000
principal amount of Notes, plus accrued and unpaid interest, if
any, for such Notes up to, but not including, June 2, 2023. The Asset Sale Offer was made
pursuant to indenture governing the Notes (as amended and
supplemented, the "Indenture") and an Offer to Purchase and related
Letter of Transmittal, each dated May 3,
2023.
As of 5:00 P.M., New York City time, on June 2, 2023 (the expiration date with respect to
the Notes), $140,000,000 principal
amount of the Notes, representing 40% of the outstanding principal
amount of the Notes, has been validly tendered and accepted for
purchase by the Company.
This press release does not constitute a notice of redemption
under the optional redemption provisions of the Indenture, nor does
it constitute an offer to sell, or a solicitation of an offer to
buy, any security. No offer, solicitation, or sale will be made in
any jurisdiction in which such an offer, solicitation, or sale
would be unlawful.
OPENLANE Media
Inquiries:
|
OPENLANE Analyst
Inquiries:
|
Laurie
Dippold
|
Mike Eliason
|
(317)
468-3900
|
(317)
249-4559
|
laurie.dippold@openlane.com
|
mike.eliason@openlane.com
|
About OPENLANE
OPENLANE, Inc. (NYSE: KAR), provides sellers and buyers across
the global wholesale used vehicle industry with innovative,
technology-driven remarketing solutions. The company's unique
end-to-end platform supports whole car, financing, logistics and
other ancillary and related services. Our integrated marketplaces
reduce risk, improve transparency and streamline transactions for
customers around the globe. Headquartered in Carmel, Indiana, the company has employees
across the United States,
Canada, Europe, Uruguay and the
Philippines. For more information and the latest company
news, visit corporate.openlane.com.
Forward-Looking Statements
Certain statements contained in this press release include
"forward-looking statements" as that term is defined in the Private
Securities Litigation Reform Act of 1995. In particular, statements
made in this press release that are not historical facts
(including, but not limited to, expectations, estimates,
assumptions and/or projections regarding the industry, business,
future operating results, potential acquisitions and anticipated
cash requirements) may be forward-looking statements. Words such as
"should," "may," "will," "anticipate," "expect," "project,"
"target," "intend," "plan," "believe," "seek," "estimate,"
"assume," "could," "continue" and similar expressions identify
forward-looking statements. The forward-looking statements
contained in this press release are based on management's current
assumptions, expectations and/or beliefs, are not guarantees of
future performance and are subject to substantial risks,
uncertainties and changes 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, but are not limited to,
those discussed in the section entitled "Risk Factors" in our
annual and quarterly periodic reports filed with the Securities and
Exchange Commission. Many of these risk factors are outside of our
control, and as such, they involve risks which are not currently
known that could cause actual results to differ materially from
those discussed or implied herein. The forward-looking statements
in this press release are made as of the date on which they are
made and we do not undertake to update any forward-looking
statements.
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SOURCE OPENLANE