KAR Auction Services (KAR) prices its 15M share secondary offering at $21.25 per share, just a...

|About: KAR Auction Services (KAR)|By:, SA News Editor

KAR Auction Services (KAR) prices its 15M share secondary offering at $21.25 per share, just a 2% discount off today's close. The sole selling stockholder, KAR Holdings II, LLC, is controlled by entities affiliated with Kelso Investment Associates, GS CapitaI, ValueAct Capital, and Parthenon Investors. The underwriters have a 30-day option to purchase up to an additional 2.25M shares from the LLC if needed. KAR will not receive any of the proceeds. Shares -0.9% AH.