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KAR sets Friday bank meeting for $1.77 billion two-part term loan
By Paul A. Harris
Portland, Ore., Feb. 20 - KAR Auction Services Inc. plans to participate in a bank meeting on Friday to discuss its proposed $1.77 billion two-tranche term loan offer, according to a market source.
The deal, which is being led by J.P. Morgan Securities LLC, includes a $500 million three-year term loan and a $1.27 billion seven-year term loan.
The company is seeking to extend the maturity of its revolver and a portion of its existing term loan, as well as to lower pricing and provide greater flexibility for making capital expenditures and for making restricted payments.
KAR is a Carmel, Ind.-based provider of vehicle auction services and a provider of floorplan financing to independent and franchise used vehicle dealers.
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