KAR Auction Services announced that its subsidiary, ADESA, signed a definitive agreement to acquire eight auctions owned by the Brasher family.

Brasher’s will be acquired for approximately $283 million in cash. The closing of the transaction is subject to customary conditions, including the expiration or termination of the Hart-Scott-Rodino waiting period. KAR expects to finance the transaction with available cash and proceeds from its revolving credit facility. The transaction is expected to close in the Q1/16.

In order to facilitate the acquisition, KAR Auction Services exercised the $300 million accordion feature of its existing $250 million senior secured revolving credit facility, resulting in an expansion of this credit facility to $550 million. There were no other changes to the credit facility’s terms or conditions.

On February 17, 2016, KAR Auction Services entered into an incremental revolving facility agreement with JPMorgan Chase Bank as administrative agent. The incremental agreement provides for an additional $300 million of available revolving commitments under the credit agreement.