IAA Upsizes Notes for Spinoff from KAR Featured

By Staff Writer June 10, 2019

IAA Spinco Inc. (to be renamed IAA Inc.) has priced its previously announced offering of 5.5 percent senior notes due 2027 in connection with the previously announced spin-off of IAA from KAR Auction Services Inc.

The size of the offering has been increased from $400 million to $500 million.

IAA intends to use the net proceeds from the notes offering, together with expected borrowings of $800 million under senior secured credit facilities into which IAA anticipates entering into, to pay a special dividend to KAR and to pay fees and expenses related to the spin-off. The proceeds of the notes offering will be held in escrow until satisfaction of the conditions precedent to the spin-off and certain other escrow release conditions.

 

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Last modified on Tuesday, 11 June 2019 13:43

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