other material
confidence high
sentiment positive
materiality 0.75
Carvana repurchases $250M of notes, sells 3M shares for $350M, reaffirms Q2 outlook
CARVANA CO.
- Repurchased $250M face of 9%/12% Senior Secured Notes due 2028 for $259M (~103.4% avg price, or 100.4% incl. PIK benefit).
- Sold ~3M Class A shares via ATM at avg $114.85, gross proceeds ~$350M.
- Reaffirms Q2 outlook: sequential increase in YoY retail unit growth and sequential increase in Adj. EBITDA.
- Terminated Tax Asset Preservation Plan and eliminated Series B Preferred Stock as of June 4-5, 2024.