OPENLANE Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation
$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): May 23, 2025
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Item 1.01 Entry Into a Material Definitive Agreement.
On May 23, 2025, Automotive Finance Canada Inc. (“AFCI”), a subsidiary of OPENLANE, Inc. (the “Company”), and the Company entered into an Amendment No. 2 (the “Amendment No. 2”) to the Receivables Purchase Agreement dated March 1, 2023, as amended, with Computershare Trust Company of Canada, as trustee of AFCI Funding 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 “Canadian Receivables Purchase Agreement”). In connection with Amendment No. 2, the Program Limit under the Canadian Receivables Purchase Agreement was increased from C$300 million to C$375 million.
The above description of the amendments effected by the Amendment No. 2 is not complete and is qualified in its entirety by reference to the full text of the Amendment No. 2, a copy of which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03, as applicable.
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: May 28, 2025 | OPENLANE, Inc. | ||||
| /s/ Charles S. Coleman | |||||
Charles S. Coleman Executive Vice President, Chief Legal Officer and Secretary | |||||