OPENLANE closes $550 million term loan and repurchase of 53% of preferred stock
On October 8, 2025, OPENLANE closed the repurchase of Series A Convertible Preferred Stock from Apax and Periphas, which the company agreed to in September. The repurchases were funded by $550,000,000 in incremental secured term loans under an amended Credit Agreement. The repurchased preferred shares have been cancelled, and the new debt carries interest at Adjusted Term SOFR plus 2.50%, which matters to shareholders because it shifts the company's capital structure toward secured borrowing.
Key points
- Apax repurchase: 288,322 Series A preferred shares for $482,431,500.
- Periphas repurchase: 45,706 Series A preferred shares for $76,477,055; the press release says the repurchases together cover 53% of the Series A preferred stock.
- 2025 Incremental Term Loans: $550,000,000, bearing interest at Adjusted Term SOFR plus 2.50% or Base Rate plus 1.50%, secured by substantially all assets of the company and subsidiary guarantors.
- Second Amendment Agreement dated October 8, 2025; JPMorgan Chase Bank, N.A. is administrative agent.
The filing
Written by AI on Nov 8, 2026, 1:01 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 08, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.