logo
logo

KAR Global Announces $550 Million Strategic Investment Led by Funds Advised by Apax Partners

KAR Global Announces $550 Million Strategic Investment Led by Funds Advised by Apax Partners

05/26/20, 11:03 AM
Location
https://purecatamphetamine.github.io/country-flag-icons/3x2/US.svgcarmel
Money raised
$550 million
 KAR Auction Services, Inc. d/b/a KAR Global (NYSE: KAR), a global vehicle remarketing and technology solutions provider, today announced the placement of $550 million in newly issued perpetual convertible preferred stock of KAR Global ("KAR"). The preferred stock has a 7.0% dividend which shall be paid in-kind for the eight quarters following closing, and thereafter in cash or in-kind at KAR's option. The initial conversion price of $17.75 per share represents an approximately 42% premium to KAR's closing price of $12.52 per share on Friday, May 22, 2020

Company Info

Company
Kar
Location
carmel, indiana, united states
Additional Info
KAR Auction Services, Inc. d/b/a KAR Global (NYSE: KAR), provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. KAR Global's unique end-to-end platform supports whole car, financing, logistics and other ancillary and related services, including the sale of nearly 3.8 million units valued at approximately $40 billion through our auctions in 2019. Our integrated physical, online and mobile marketplaces reduce risk, improve transparency and streamline transactions for customers in more than 80 countries. Headquartered in Carmel, Indiana, KAR Global has employees across the United States, Canada, Mexico, U.K. and Europe. For more information, go to www.karglobal.com. For the latest KAR Global news, follow us on Twitter @KARspeaks.

Related People