CarGurus enters $400M revolving credit facility; declines to exercise 2022 CarOffer call right

CarGurus, Inc.

Credit agreement with PNC Bank for $400M revolver, undrawn at closing; matures September 26, 2027.
Interest rate based on SOFR/Base Rate plus Applicable Rate of 1.00%-1.50% (SOFR) or 0.00%-0.50% (Base Rate).
Financial covenant: Consolidated Secured Net Leverage Ratio not greater than 3.50:1.00 (4.00:1.00 post-acquisition).
Company will not exercise its 2022 call right to buy additional 25% of CarOffer; call/put rights remain in 2024.
Guarantees from CarGurus and Auto List, Inc.; secured by first-priority lien on substantially all assets.

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