Carvana launches $4.275B exchange offer for unsecured notes, $425M cash tender for 2025 notes

CARVANA CO.

Exchange offers for 2027/2028/2029/2030 notes into up to $4.275B of new secured notes (three tranches with PIK/cash interest).
Cash tender for any/all 2025 notes at 85% of par ($850/$1,000) for up to $425M.
Consent solicitations seek to eliminate substantially all restrictive covenants and certain events of default.
Over 90% of noteholders have committed to participate in the transaction.
New secured notes secured by second-priority liens on Ally collateral and first-priority liens on other assets.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CARVANA CO. amended First Amendment to the Transaction Support Agreement with certain of the TSA Parties (effective 2023-08-01).

Action: amendment
Agreement: settlement
Counterparty: certain of the TSA Parties
Effective: 2023-08-01

Exact text from the filing

On August 1, 2023, the Company and Carvana Group entered into the First Amendment to the Transaction Support Agreement (the “Amendment”) with certain of the TSA Parties

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CARVANA CO. filing history →

Source: SEC EDGAR

accession 0001690820-23-000243

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