OPENLANE, Inc. Files 8-K for Securitization Amendments
Ticker: OPLN · Form: 8-K · Filed: Oct 3, 2024 · CIK: 1395942
Sentiment: neutral
Topics: securitization, financing, amendment
TL;DR
OPENLANE just filed an 8-K for securitization amendments. Big deal for their financing.
AI Summary
On September 27, 2024, OPENLANE, Inc. entered into a material definitive agreement related to securitization amendments. This filing follows previous name changes from KAR Auction Services, Inc. and KAR Holdings, Inc.
Why It Matters
This filing indicates a significant update to OPENLANE's financial structure and agreements, which could impact its borrowing capacity and operational flexibility.
Risk Assessment
Risk Level: medium — Securitization amendments can involve complex financial arrangements that may carry inherent risks related to market conditions and the underlying assets.
Key Numbers
- 001-34568 — SEC File Number (Identifies the company's filing with the SEC.)
- 20-8744739 — IRS Employer Identification No. (Company's tax identification number.)
Key Players & Entities
- OPENLANE, Inc. (company) — Registrant
- KAR Auction Services, Inc. (company) — Former company name
- KAR Holdings, Inc. (company) — Former company name
- September 27, 2024 (date) — Date of earliest event reported
- 20241003 (date) — Filing date
FAQ
What specific amendments were made to the securitization agreements?
The filing states that the company entered into a material definitive agreement concerning securitization amendments, but the specific details of these amendments are not provided in the excerpt.
What is the significance of the date September 27, 2024, for this filing?
September 27, 2024, is the date of the earliest event reported in this 8-K filing, indicating when the material definitive agreement was entered into.
What were OPENLANE, Inc.'s previous names?
OPENLANE, Inc. was formerly known as KAR Auction Services, Inc. and KAR Holdings, Inc.
Where is OPENLANE, Inc. headquartered?
OPENLANE, Inc.'s principal executive offices are located at 11299 N. Illinois Street, Suite 500, Carmel, Indiana 46032.
What is the filing type and purpose of this document?
This document is a Form 8-K, a current report filed with the SEC to announce a material event, specifically the entry into a material definitive agreement regarding securitization amendments.
Filing Stats: 690 words · 3 min read · ~2 pages · Grade level 11.2 · Accepted 2024-10-03 16:16:17
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share KAR New York Stock Exchange
Filing Documents
- kar-20240927.htm (8-K) — 23KB
- kar-20240927_g1.jpg (GRAPHIC) — 32KB
- 0001395942-24-000067.txt ( ) — 223KB
- kar-20240927.xsd (EX-101.SCH) — 2KB
- kar-20240927_lab.xml (EX-101.LAB) — 21KB
- kar-20240927_pre.xml (EX-101.PRE) — 12KB
- kar-20240927_htm.xml (XML) — 3KB
01 Entry Into a Material Definitive Agreement
Item 1.01 Entry Into a Material Definitive Agreement . On September 27, 2024, Automotive Finance Corporation ("AFC"), a subsidiary of OPENLANE, Inc. (the "Company"), and AFC Funding Corporation ("AFC Funding"), a wholly owned, bankruptcy remote, consolidated, special purpose subsidiary of AFC, entered into a First Amendment and Joinder (the "First Amendment") to the Tenth Amended and Restated Receivables Purchase Agreement dated September 28, 2022, with Fairway Finance Company, LLC, Fifth Third Bank, National Association, Chariot Funding LLC, PNC Bank, National Association, Thunder Bay Funding, LLC, Truist Bank, BMO Capital Markets Corp., JPMorgan Chase Bank, N.A., Royal Bank of Canada, Bank of Montreal, U.S. Bank National Association, and Falcon Asset Funding LLC. The First Amendment provides for, among other things, an extension of the facility's termination date from January 31, 2026 to January 31, 2028, and exclusion of a salvage dealer from the total salvage concentration limit. On September 27, 2024, Automotive Finance Canada Inc. ("AFCI"), a subsidiary of the Company, and the Company entered into an Amendment No. 1 (the "Amendment No. 1") to the Receivables Purchase Agreement dated March 1, 2023, with Computershare Trust Company of Canada, as trustee of AFCI Funding Trust ("Trust"), BMO Nesbitt Burns, Inc., as financial services agent and as agent for the Bank of Montreal lender group, and Royal Bank of Canada, as agent for the Royal Bank of Canada lender group. The Trust borrows funds from the lenders under a loan and security agreement, which was amended in connection with Amendment No. 1 to extend the commitment expiration date to January 31, 2028. The Amendment No. 1 incorporates and provides for, among other things, an extension of the facility's termination date from January 31, 2026 to January 31, 2028. The above description of the amendments effected by the First Amendment and the Amendment No. 1 is not complete and is qualified in its entirety by