---
schema_version: "secwatch.filing_event.v1"
accession: "0001395942-23-000074"
form_type: "8-K"
ticker: "OPLN"
cik: "0001395942"
company_name: "OPENLANE, Inc."
filed_at: "2023-06-26T23:59:59+00:00"
generated_at: "2026-06-13T16:56:44.800936+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# OPENLANE enters $325M revolving credit facility, replacing prior credit agreement

## Summary
- Five-year $325M revolver with $65M L/C and $60M swingline sublimits.
- Replaces prior credit agreement; all outstanding amounts repaid in full.
- Interest: Adjusted Term SOFR plus margin of 2.25%-2.75%, or Base Rate plus 1.25%-1.75%.
- Covenant: max consolidated senior secured net leverage ratio of 3.50:1.00.
- Proceeds for working capital and general corporate purposes.

## SEC filing metadata
- accession: 0001395942-23-000074
- form_type: 8-K
- ticker: OPLN
- cik: 0001395942
- company_name: OPENLANE, Inc.
- filed_at: 2023-06-26T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1395942/000139594223000074/0001395942-23-000074-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1395942/000139594223000074/kar-20230623.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001395942-23-000074
- JSON: https://secwatch.observer/filing/0001395942-23-000074.json
- Plain text: https://secwatch.observer/filing/0001395942-23-000074.txt

## Key facts
- Material Agreements
  OPENLANE, Inc. entered into Credit Agreement with the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent valued at $325,000,000 (effective 2023-06-23).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent
  - Value: $325,000,000
  - Effective: 2023-06-23
  source text: On June 23, 2023, OPENLANE, Inc. (the “ Company ”) entered into a Credit Agreement (the “ Credit Agreement ”) among the Company, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (the “ Administrative Agent ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1395942/000139594223000074/0001395942-23-000074-index.htm
- Material Agreements
  OPENLANE, Inc. terminated Original Credit Agreement with the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (effective 2023-06-23).
  - Action: termination
  - Agreement: credit facility
  - Counterparty: the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent
  - Effective: 2023-06-23
  source text: The Original Credit Agreement was terminated substantially concurrently with the Company’s entry into the Credit Agreement and all outstanding amounts and commitments thereunder have been repaid in full and terminated.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1395942/000139594223000074/0001395942-23-000074-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.