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KAR Global Commences Offer to Purchase Certain of Its Outstanding 5.125% Senior Notes Due 2025

PR Newswire - Wed May 3, 2023

CARMEL, Ind., May 3, 2023 /PRNewswire/ -- KAR Auction Services, Inc. (to be renamed OPENLANE, Inc.), d/b/a KAR Global (NYSE: KAR) (the "Company"), today announced that it has commenced an offer to purchase for cash (the "Asset Disposition Offer") up to $140,000,000 of its 5.125% Senior Notes due 2025 (the "Notes"), with a portion of the net cash proceeds received from its previously announced sale of its US physical auction business to Carvana. The Asset Disposition Offer is being made pursuant to the indenture governing the Notes (as amended and supplemented, the "Indenture") and an Offer to Purchase, dated May 3, 2023 and related Letter of Transmittal, which more fully set forth the terms and conditions of the Asset Disposition Offer.

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