KAR Holdings amends loan to raise pricing, permit common stock IPO

By Sara Rosenberg

New York, Oct. 28 - KAR Holdings Inc. amended its credit facility, increasing pricing and allowing for an initial public offering of common stock, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

Pricing on the revolver and the term loan will be Libor plus 275 basis points following completion of the stock offering and the optional prepayment of at least $250 million of term loan debt.

The amendment also allows that a portion of the proceeds from the stock offering and any future offering of stock may be used repay, redeem, repurchase or defease unsecured notes.

The amendment was completed on Oct. 23.

JPMorgan is the administrative agent on the deal.

KAR is a Carmel, Ind.-based provider of wholesale used vehicle auctions.

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