---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-076322"
form_type: "8-K"
ticker: "CVNA"
cik: "0001690820"
company_name: "CARVANA CO."
filed_at: "2023-03-22T23:59:59+00:00"
generated_at: "2026-06-17T21:25:24.812589+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "medium"
source: SEC EDGAR
---

# Carvana launches exchange of up to $1B unsecured notes for new 9.0%/12.0% secured notes due 2028

## Summary
- Offers to exchange five series of unsecured notes (2025-2030) for up to $1B of new 9.0%/12.0% Cash/PIK Toggle Senior Secured Second Lien Notes due 2028.
- Total consideration per $1,000 principal ranges from $632.50 to $808.75, including a $20 early exchange premium; early tender deadline April 4, 2023.
- Acceptance priority levels assigned with 2025 notes highest (1) and 2029 notes lowest (5); minimum $500M aggregate principal must be tendered.
- Preliminary unaudited Q1 2023 results furnished as Exhibit 99.1, but specific figures were not provided in the filing text available.
- ADESA US Auction and its subsidiaries designated as unrestricted subsidiaries, released from guarantees and not guaranteeing new notes.

## SEC filing metadata
- accession: 0001193125-23-076322
- form_type: 8-K
- ticker: CVNA
- cik: 0001690820
- company_name: CARVANA CO.
- filed_at: 2023-03-22T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: medium
- sec_items: 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1690820/000119312523076322/0001193125-23-076322-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1690820/000119312523076322/d820769d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-076322
- JSON: https://secwatch.observer/filing/0001193125-23-076322.json
- Plain text: https://secwatch.observer/filing/0001193125-23-076322.txt

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