ADESA Inc. Announces $125 Million Senior Subordinated Note Offering CARMEL, Ind., June 16 /PRNewswire-FirstCall/ -- ADESA, Inc. (NYSE:KAR) today announced that it has agreed to issue $125 million in 7.625% senior subordinated notes at par with a maturity date of June 15, 2012. The offering is expected to close June 21, 2004. UBS Investment Bank and Merrill Lynch & Co. served as the lead managers on the offering. Net proceeds to the Company, together with proceeds from ADESA's initial public offering of 6,250,000 common shares, which was announced earlier today, and a new $525 million credit facility, will be used to repay outstanding debt, including intercompany debt, and to fund general corporate purposes. About ADESA ADESA is a leading national provider of wholesale vehicle auctions and related vehicle redistribution services for the automotive industry in North America. ADESA operates a network of 53 used vehicles auctions, 27 salvage auctions and 80 Automotive Finance Corporation (AFC) loan production offices. ADESA Inc., prior to the initial public offering, was a wholly-owned subsidiary of ALLETE. For more information about ADESA, visit the company's Web site at http://www.adesainc.com/. A registration statement relating to ADESA's initial public offering and notes offering was filed with and declared effective by the U.S. Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be a sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The initial public offering and notes offering are being made solely by means of a prospectus which may be obtained from UBS Investment Bank, 299 Park Avenue, New York, NY 10171 or Merrill Lynch & Co., 4 World Financial Center, 250 Vesey Street, New York, NY 10080. The statements contained in this release and statements that ADESA may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ADESA with the Securities and Exchange Commission. DATASOURCE: ADESA, Inc. CONTACT: Investor: Paul Lips of ADESA, Inc., +1-317-815-1100; Press: Susan Stillings, x124, , or Andrew Siegel, x127, , both of Joele Frank, Wilkinson Brimmer Katcher, +1-212-355-4449, for ADESA, Inc. Web site: http://www.adesainc.com/

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