KAR Auction Services (KAR) to Offer 15M Shares

KAR Auction Services, Inc. (NYSE: KAR) announced today the commencement of an underwritten offering of 15.0 million shares of its common stock by existing stockholder KAR Holdings II, LLC (the "LLC"), subject to market and other conditions. 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 Company will not receive any proceeds from the offering. In connection with the offering, the LLC intends to grant the underwriters an option to purchase up to 2.25 million additional shares.

Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and J.P. Morgan Securities LLC are acting as joint book-running managers for the offering.

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