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Letter to the Editor
Monday July 12
ADESA Announces Redemption Of $125 Million Senior Notes
ADESA, Inc. has 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, 2004. 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.ADESA is a leading provider of wholesale vehicle auctions, vehicle redistribution services and floor plan financing for the automotive industry in North America.
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