Carvana prices $3.275B of 10.25% senior notes due 2030; upsized from $2.275B, to fund ADESA acquisition

CARVANA CO.

$3.275B aggregate principal of 10.25% senior unsecured notes due 2030, upsized from $2.275B.
Net proceeds to finance $2.2B acquisition of ADESA U.S. physical auction business from KAR Auction Services.
Interest payable semi-annually at 10.25% per year; notes mature May 1, 2030.
Carvana no longer pursuing Series A perpetual preferred stock offering due to upsized notes.
Closing expected May 6, 2022, subject to customary conditions.

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