Moody’s rates KAR loans Ba2

Moody's Investors Service said it assigned a Ba2 instrument rating to KAR Auction Services Inc.’s new senior secured credit facilities, which include a $950 million senior secured term loan B maturing in 2026 and a $325 million revolving credit facility maturing 2024.

Proceeds will be used for incremental liquidity and to refinance existing senior secured credit facilities.

Moody’s also affirmed the company’s B1 rating and its B1-PD probability of default rating.

The outlook is stable.

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