ADESA Announces Redemption Of $125 Million Senior Notes
ADESA, Inc. announced the redemption of all of its $90 million 7.7 percent Senior Notes, Series A, due 2006 and all of its $35 million 8.1 percent senior notes, Series B, due 2010. A notice of redemption is being sent to all registered holders of the notes. The redemptions are scheduled to occur on August 11. As a result of the redemption, ADESA expects to recognize expense of approximately $14 million in the third quarter of 2004 comprised of an early redemption premium and the write-off of unamortized debt issue costs.