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KAR Auction (KAR) Prices 13.5M Secondary Offering at $17.50/Share

December 6, 2012 6:33 AM EST Send to a Friend
KAR Auction Services (NYSE: KAR) has priced the secondary offering of 13,500,000 shares of its common stock at $17.50 per share.

The selling stockholder, KAR Holdings II, LLC (the "LLC"), is selling all of the 13,500,000 shares. The LLC is controlled by entities affiliated with Kelso Investment Associates VII, L.P., GS Capital Partners VI, L.P., ValueAct Capital Master Fund, L.P. and Parthenon Investors II, L.P. The underwriters have a 30-day option to purchase up to an additional 2,025,000 shares from the LLC. The Company will not receive any proceeds from the offering.

The offering is being made pursuant to the Company's existing effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission.




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