KAR Auction Services Announces Pricing Of Secondary Offering At $27.35/shr

(RTTNews) - KAR Auction Services Inc. (KAR) announced the pricing of a secondary offering of 12.0 million shares of its common stock at $27.35 per share.

The selling stockholder, KAR Holdings II, LLC, is selling all of the 12.0 million shares. 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 underwriters have a 30-day option to purchase up to an additional 1.8 million shares from the LLC.

The company noted that it will not receive any proceeds from the offering. The offering is expected to close and settle on September 24, 2013.