CARVANA CO. (CVNA): debt financing — Carvana completes debt exchange with >96% participation; reduces debt by $1.325B

CARVANA CO.

Total debt reduced by over $1.325B; near-term annual cash interest expense cut by more than $455M for two years.
Over 96% of aggregate principal of all existing notes tendered; 99.2% of 2030 notes participated.
Issued $980.8M (2028), $1.471B (2030), and $1.741B (2031) new secured notes; cash tender bought $401.7M of 2025 notes at 85% of par.
Supplemental indentures adopted eliminating substantially all restrictive covenants and certain events of default upon settlement.

item 1.01 item 8.01 item 2.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 1.0

CARVANA CO. incurred senior notes of $980,815,000 of New 2028 Secured Notes, $1,471,430,000 of New 2030 Secured Notes, and $1,741,259,000 of New 2031 Secured with qualified institutional buyers and non-U.S. persons at New 2028 Secured Notes pay 12% PIK for first two payment dates, then 12% PIK or maturing New 2028 Secured Notes mature December 1, 2028; New 2030 Secured Notes mature June 1, 2030; New 2031 Secured Notes mature June 1, 2031.

Instrument: senior notes
Principal: $980,815,000 of New 2028 Secured Notes, $1,471,430,000 of New 2030 Secured Notes, and $1,741,259,000 of New 2031 Secured
Counterparty: qualified institutional buyers and non-U.S. persons
Rate: New 2028 Secured Notes pay 12% PIK for first two payment dates, then 12% PIK or
Maturity: New 2028 Secured Notes mature December 1, 2028; New 2030 Secured Notes mature June 1, 2030; New 2031 Secured Notes mature June 1, 2031
Event: incurrence

Exact text from the filing

On September 1, 2023, the Company issued New 2028 Secured Notes in an aggregate principal amount of $980,815,000, New 2030 Secured Notes in an aggregate principal amount of $1,471,430,000 and New 2031 Secured Notes in an aggregate principal amount of $1,741,259,000 in exchange for the Company’s Exchangeable Notes validly tendered and accepted in connection with the Exchange Offers.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 1.0

CARVANA CO. amended senior notes of Proposed Amendments to indentures governing 5.500% Senior Notes due 2027, 5.875% Senior Notes due 2028, 4.875% Senior No with holders of Existing Notes.

Instrument: senior notes
Principal: Proposed Amendments to indentures governing 5.500% Senior Notes due 2027, 5.875% Senior Notes due 2028, 4.875% Senior No
Counterparty: holders of Existing Notes
Event: amendment

Exact text from the filing

On August 30, 2023, the Company entered into supplemental indentures to the applicable Indentures with respect to each series of Existing Notes (each a “Supplemental Indenture” and, collectively, the “Supplemental Indentures”) with U.S. Bank Trust Company, National Association (formerly U.S. Bank, National Association) (the “Trustee”) and the guarantors party thereto, to effect the Proposed Amendments.

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CARVANA CO. filing history →

Source: SEC EDGAR

accession 0001690820-23-000273

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