Carvana raises $225M via ATM offering, satisfies exchange offer TSA equity requirement

CARVANA CO.

Raised $225M through issuance of ~4.9M shares via at-the-market equity offering program.
Proceeds fully satisfy public equity requirement of exchange offer transaction support agreement (TSA).
TSA reduces cash interest expense by >$430M over two years and lowers total debt by >$1.2B.
Garcia party investors committed to purchase $126M of equity from Carvana after exchange offer launch.
Joint sales agents for the ATM were Citigroup and Moelis & Company.

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