secwatch.observer — SEC 8-K summary
======================================

Issuer:     CarGurus, Inc. (CARG)
CIK:        0001494259
Form:       8-K
Filed at:   2022-09-29T23:59:59+00:00
Accession:  0000950170-22-019045
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1494259/000095017022019045/0000950170-22-019045-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1494259/000095017022019045/carg-20220926.htm
  HTML page:      https://secwatch.observer/filing/0000950170-22-019045

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer