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KAR Auction Services to Announce First Quarter 2014 Earnings
Published: April 21, 2014

CARMEL, IND.—KAR Auction Services, Inc. (NYSE: KAR) announced today that it will be releasing its first quarter 2014 earnings on Monday, May 5, 2014.

KAR Auction Services Strengthens Senior Leadership Team
Published: March 20, 2014

Carmel, Ind.—March 20, 2014—KAR Auction Services, Inc. (NYSE: KAR) announced today that Don Gottwald will fill the newly created position of KAR chief operating officer. The creation of this new role will enable KAR to achieve even greater collaboration across its core business units and align the company in order to best serve the needs of its customers.

KAR Auction Services Amends and Restates Credit Agreement
Published: March 11, 2014

Carmel, IN – March 11, 2014 – KAR Auction Services, Inc. (NYSE: KAR) (the “Company”) announced today that it has amended and restated its credit agreement dated as of May 19, 2011.  The term loans under the original credit agreement have been repaid in full and terminated, and refinanced with a $650 million three-year senior secured term loan B-1 facility and a $1,120 million seven-year senior secured term loan B-2 facility.  In addition, the amended and restated credit agreement also establishes a five-year $250 million revolving credit facility in place of the previous revolving commitments.  The interest rate of term loan B-1 was reduced to LIBOR plus 2.50%.  The interest rate of term loan B-2 remains at LIBOR plus 2.75% but the LIBOR floor was reduced to 0.75%.  The reduction in pricing is expected to save the Company an annualized amount of approximately $9 million in cash interest.  The revolving commitments may be used for ongoing working capital needs and general corporate purposes for the Company and its subsidiaries. The Company has not drawn any amounts under the revolver.

Manheim, ADESA and the Independent Auto Auctions Announce Industry Progress
Published: March 6, 2014

Las Vegas – March 6, 2014 – Manheim, Inc., ADESA, Inc. and the independent auctions jointly announced today that they have made significant steps towards the creation of a multiplatform bidding solution that will allow for the simultaneous bidding on vehicles listed on multiple online auction sites. 

KAR Auction Services to Participate in Credit Suisse Global Services Conference March 10 2014
Published: February 28, 2014

 

Carmel, IN – KAR Auction Services, Inc. (NYSE: KAR) today announced its participation in the following investor conference which will also be available via live audio webcast: