---
schema_version: "secwatch.filing_event.v1"
accession: "0001690820-23-000267"
form_type: "8-K"
ticker: "CVNA"
cik: "0001690820"
company_name: "CARVANA CO."
filed_at: "2023-08-21T23:59:59+00:00"
generated_at: "2026-06-11T06:19:17.594755+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Carvana raises $126M from Garcia parties at 18% premium, completes equity requirements for debt exchange

## Summary
- Raised $126M from Ernest Garcia II and III at $46.31/share, an 18% premium to Aug 18 closing price.
- Combined with prior $225M ATM offering, total $351M meets all equity obligations under the TSA.
- TSA reduces annual cash interest expense by >$430M each year for next 2 years, extends maturities, lowers total debt by >$1.2B.
- Proceeds will partially fund cash tender offer for 5.625% senior unsecured notes due 2025.

## SEC filing metadata
- accession: 0001690820-23-000267
- form_type: 8-K
- ticker: CVNA
- cik: 0001690820
- company_name: CARVANA CO.
- filed_at: 2023-08-21T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1690820/000169082023000267/0001690820-23-000267-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1690820/000169082023000267/cvna-20230818.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001690820-23-000267
- JSON: https://secwatch.observer/filing/0001690820-23-000267.json
- Plain text: https://secwatch.observer/filing/0001690820-23-000267.txt

## Key facts
- Material Agreements
  CARVANA CO. entered into Securities Purchase Agreement with Ernest Garcia II and Ernest Garcia III (collectively, the "Garcia Parties") valued at $126,000,000 (effective 2023-08-18).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: Ernest Garcia II and Ernest Garcia III (collectively, the "Garcia Parties")
  - Value: $126,000,000
  - Effective: 2023-08-18
  source text: on August 18, 2023, the Company and Carvana Group, LLC (“Carvana Group”) entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with the Garcia Parties providing for the purchase of an aggregate of 3,400,994 Class A LLC Units ("Class A Units") of Carvana Group, together with 2,720,795 shares of the Company’s Class B Common Stock, par value $0.001 per share (“Class B Common Stock”), at a price equivalent to $46.31 per share of Class A Common Stock of Carvana Co.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1690820/000169082023000267/0001690820-23-000267-index.htm

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