KAR Auction seeks loan change to permit $75 million notes repurchase

By Sara Rosenberg

New York, Nov. 3 - KAR Auction Services Inc. is looking to amend its $1.865 billion senior credit facility to allow for the repurchase of up to $75 million of its notes, according to a news release.

As part of the amendment, the company would prepay at least $75 million of its term loan.

The amendment is expected to be completed this month, subject to majority approval and other customary conditions.

KAR Auction Services is a Carmel, Ind.-based provider of wholesale used vehicle auctions and a provider of floorplan financing.

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