---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-22-019045"
form_type: "8-K"
ticker: "CARG"
cik: "0001494259"
company_name: "CarGurus, Inc."
filed_at: "2022-09-29T23:59:59+00:00"
generated_at: "2026-06-23T06:41:08.850922+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-22-019045
- form_type: 8-K
- ticker: CARG
- cik: 0001494259
- company_name: CarGurus, Inc.
- filed_at: 2022-09-29T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1494259/000095017022019045/0000950170-22-019045-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1494259/000095017022019045/carg-20220926.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-22-019045
- JSON: https://secwatch.observer/filing/0000950170-22-019045.json
- Plain text: https://secwatch.observer/filing/0000950170-22-019045.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.