CARMEL, Ind. –

KAR Auction Services announced Monday the commencement of an underwritten offering of 15.0 million shares of its common stock by existing stockholder KAR Holdings II LLC, subject to market and other conditions.

KAR said it will not receive any proceeds from the offering.

Officials explained the LLC is controlled by entities affiliated with Kelso Investment Associates VII, GS Capital Partners VI, ValueAct Capital Master Fund and Parthenon Investors II.

In connection with the offering, the LLC intends to grant the underwriters an option to purchase up to 2.25 million additional shares.

KAR indicated the offering will be made pursuant to the company’s existing effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission.

Officials pointed out Credit Suisse Securities, Goldman, Sachs & Co. and J.P. Morgan Securities are acting as joint book-running managers for the offering.

When available, copies of the prospectus supplement and accompanying prospectus related to this offering may be obtained from:

Credit Suisse Securities (USA) LLC
Attention: Prospectus Department
One Madison Avenue
New York, N.Y. 10010
Telephone: (800) 221-1037
Email: [email protected]

Goldman, Sachs & Co.
Attention: Prospectus Department
200 West Street
New York, N.Y. 10282
Telephone: (866) 471-2526
Facsimile: (212) 902-9316
Email: [email protected]

J.P. Morgan Securities
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, N.Y. 11717
Telephone: (866) 803-9204

“This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction,” KAR officials said.

Continue the conversation with Auto Remarketing on both LinkedIn and Twitter.