KAR Auction talks $1.77 billion of term loans at Libor plus 250 bps

By Sara Rosenberg

New York, Feb. 24 - KAR Auction Services Inc. is talking its $500 million three-year term loan B-1 at Libor plus 250 basis points with no Libor floor and a par offer price and its $1.27 billion seven-year term loan B-2 at Libor plus 250 bps with a 0.75% Libor floor and a par offer price, according to a market source.

Both term loans have 101 soft call protection for six months, the source said.

Commitments are due on March 3.

J.P. Morgan Securities LLC is the lead bank on the deal that launched last week.

Proceeds will be used to refinance existing bank debt.

KAR is a Carmel, Ind.-based provider of vehicle auction services and a provider of floorplan financing to independent and franchise used vehicle dealers.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.