OPENLANE Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement
$KAR
Retail-Auto Dealers and Gas Stations
Consumer Discretionary
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 27, 2024
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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 reference to the full text of the First Amendment and the Amendment No. 1, a copy of which will be filed as exhibits to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| Dated: October 3, 2024 | OPENLANE, Inc. | ||||
| /s/ BRAD S. LAKHIA | |||||
Brad S. Lakhia Executive Vice President and Chief Financial Officer | |||||