KAR Auction Services increases receivables facility to $2.0B, extends maturity to Jan 2026

OPENLANE, Inc.

Aggregate maximum commitment under US Receivables Purchase Agreement increased from $1.70B to $2.00B.
Termination date for both US and Canadian agreements extended from Jan 31, 2024 to Jan 31, 2026.
Discount rate now based on SOFR for one-month tenor plus a spread.
Required enhancement percentage reduced; net spread trigger for level one trigger favorably modified.
Canadian program limit remains at $225.0 million.

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