Key Developments: KAR Auction Services Inc (KAR.N)

KAR.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

KAR Auction Services Inc Announces Pricing Of Secondary Offering Of Common Stock
Wednesday, 5 Jun 2013 05:57pm EDT 

KAR Auction Services Inc announced that the pricing of a secondary offering of 15,000,000 shares of its common stock at $21.25 per share. The selling stockholder, KAR Holdings II, LLC (the LLC), is selling all of the 15,000,000 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 2,250,000 shares from the LLC. The Company will not receive any proceeds from the offering.Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and J.P. Morgan Securities LLC are acting as joint book-running managers for the offering. Barclays Capital Inc., BMO Capital Markets Corp., BofA Merrill Lynch and Deutsche Bank Securities Inc. are acting as lead managers for the offering. Robert W. Baird & Co. Incorporated, Barrington Research Associates, Inc., BB&T Capital Markets, a division of BB&T Securities, LLC, and Stephens Inc. are acting as senior co-managers.  Full Article

KAR Auction Services Inc Issues FY 2013 Earnings Guidance; Declares Cash Dividend
Wednesday, 1 May 2013 04:15pm EDT 

KAR Auction Services Inc announced that it expect 2013 Adjusted EBITDA of $535 - $540 million. The Company also expects net income per share of $0.82 - $0.87 and adjusted net income per share of $1.15 - $1.20, both assuming an effective tax rate of approximately 40%. 2013 adjusted net income per share represents GAAP net income per diluted share excluding excess depreciation and amortization and stock-based compensation, both resulting from the 2007 merger, as well as Superstorm Sandy costs, all net of taxes. The Company also announced a cash dividend of $0.19 per share on the Company's common stock. The dividend is payable on July 3, 2013, to stockholders of record as of the close of business on June 24, 2013.  Full Article

KAR Auction Services Inc Announces Pricing Of Secondary Offering Of Common Stock
Wednesday, 6 Mar 2013 06:00pm EST 

KAR Auction Services Inc announced the pricing of a secondary offering of 13,000,000 shares of its common stock at $19.25 per share. The selling stockholder, KAR Holdings II, LLC (the LLC), is selling all of the 13,000,000 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 1,950,000 shares from the LLC. The Company will not receive any proceeds from the offering. The offering is being made pursuant to the Company's existing effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission. Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and J.P. Morgan Securities LLC are acting as joint book-running managers for the offering.  Full Article

KAR Auction Services Inc Announces Secondary Offering of Common Stock
Monday, 4 Mar 2013 06:00am EST 

KAR Auction Services Inc announced the commencement of an underwritten offering of 13.0 million shares of its common stock by existing stockholder KAR Holdings II, LLC (the LLC). 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 1.95 million additional shares.  Full Article

KAR Auction Services Inc Announces Cash Dividend
Wednesday, 20 Feb 2013 04:30pm EST 

KAR Auction Services Inc announced that the Board of Directors also announced a cash dividend of $0.19 per share on the Company's common stock. The dividend is payable on April 4, 2013, to stockholders of record as of the close of business on March 25, 2013.  Full Article

KAR Auction Services Inc Issues FY 2013 Earnings Guidance In Line With Analysts' Estimates
Wednesday, 20 Feb 2013 04:30pm EST 

KAR Auction Services Inc announced that for fiscal 2013, it expects adjusted EBITDA of $535 - $540 million, net income per share of $0.82 - $0.87 and adjusted net income per share of $1.13 - $1.18. According to I/B/E/S Estimates, analysts are expecting the Company to report EBITDA of $539 million and EPS of $1.18 for fiscal 2013.  Full Article

KAR Auction Services Inc Announces Pricing of Secondary Offering of Common Stock
Wednesday, 5 Dec 2012 07:07pm EST 

KAR Auction Services Inc announced the pricing of a secondary offering of 13,500,000 shares of its common stock at $17.50 per share. The selling stockholder, KAR Holdings II, LLC (the "LLC"), is selling all of the 13,500,000 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 2,025,000 shares from the LLC. The Company will not receive any proceeds from the offering. The offering is being made pursuant to the Company's existing effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission. Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and J.P. Morgan Securities LLC are acting as joint book-running managers for the offering. Barclays Capital Inc., BMO Capital Markets Corp., BofA Merrill Lynch and Deutsche Bank Securities Inc. are acting as lead managers for the offering. Robert W. Baird & Co. Incorporated, Barrington Research Associates, Inc., BB&T Capital Markets, a division of Scott & Stringfellow, LLC, and Stephens Inc. are acting as senior co-managers.  Full Article

KAR Auction Services Inc Announces Secondary Offering Of Common Stock
Friday, 30 Nov 2012 07:01am EST 

KAR Auction Services Inc announced the commencement of an underwritten offering of up to $200 million 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 an additional 15% of the number of shares in the offering. The offering will be made pursuant to the Company's existing effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission.  Full Article

KAR Auction Services Inc Announces First Cash Dividend
Friday, 30 Nov 2012 07:00am EST 

KAR Auction Services Inc announced that Board of Directors has approved the initiation of a quarterly cash dividend on the Company's common stock. The initial quarterly dividend of $0.19 per share will be paid on December 28, 2012 to stockholders of record at the close of business on December 19, 2012, representing an annualized dividend of $0.76 per share. This is the first dividend paid to stockholders.  Full Article

KAR Auction Services Inc Suspends Sale Efforts After Talks Fail-Reuters
Tuesday, 13 Nov 2012 02:09pm EST 

Reuters reported that KAR Auction Services Inc has ended efforts to sell itself for, after talks with private equity firm Clayton Dubilier & Rice LLC broke down over price and other deal terms. KAR had been in talks with bidders since at least this summer about a possible sale, and had entered into advanced discussions with CD&R.  Full Article

BRIEF-KAR Auction Services down in premarket after secondary offering priced

NEW YORK, March 7 - KAR Auction Services Inc : * Down 2.4 percent premarket after 13 million share secondary offering priced at $19.25 per

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