OPENLANE, Inc. (OPLN): debt financing — OPENLANE completes repurchase of 53% of Series A Preferred Stock, raises $550M in term loans

OPENLANE, Inc.

Repurchased 288,322 Series A Preferred shares from Apax for $482.4M and 45,706 shares from Periphas for $76.5M.
Repurchased shares represent 53% of outstanding Series A Convertible Preferred Stock; shares cancelled.
Entered into $550M incremental term loans under amended Credit Agreement to finance repurchases; oversubscribed with tighter pricing.
CFO Brad Herring noted strong cash generation and growth positioning; financing substantially oversubscribed.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

OPENLANE, Inc. incurred term loan of $550,000,000 with JPMorgan Chase Bank, N.A., as administrative agent at Adjusted Term SOFR Rate plus a margin of 2.50%.

Instrument: term loan
Principal: $550,000,000
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
Rate: Adjusted Term SOFR Rate plus a margin of 2.50%
Event: incurrence

Exact text from the filing

The Second Amendment provides for, among other things, the incurrence of incremental term loans in an aggregate principal amount equal to $550,000,000

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OPENLANE, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-25-097925

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