OPENLANE, Inc. Completes Repurchase of 53% of Series A Preferred Stock and Secures $550 Million in Financing

"OPENLANE, Inc. has completed the repurchase of 53% of its Series A Convertible Preferred Stock and amended its Credit Agreement to secure an additional $550 million in term loans to finance this transaction. Latham & Watkins LLP provided legal representation for the financing sources involved in the amended credit facility."

Latham & Watkins LLP represented the financing sources in the recent transaction involving OPENLANE, Inc. (NYSE: KAR), a prominent operator of digital marketplaces for wholesale used vehicles. In this transaction, OPENLANE, Inc. successfully closed its repurchase of 53% of the Company’s Series A Convertible Preferred Stock. To facilitate this repurchase, the company also amended its existing Credit Agreement, securing an additional US$550 million in term loans. The legal team from Latham & Watkins LLP that participated in this transaction included partner Michael Waldman, along with associates Julia Albrecht, Sean Travers, and Eric Raff.

OPENLANE, Inc. Completes Repurchase of 53% of Series A Preferred Stock and Secures $550 Million in Financing

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