secwatch.observer — SEC 8-K summary
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Issuer:     OPENLANE, Inc. (OPLN)
CIK:        0001395942
Form:       8-K
Filed at:   2023-06-26T23:59:59+00:00
Accession:  0001395942-23-000074
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1395942/000139594223000074/0001395942-23-000074-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1395942/000139594223000074/kar-20230623.htm
  HTML page:      https://secwatch.observer/filing/0001395942-23-000074

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