Carvana enters $1.66B Term Loan B to refinance 2030 senior secured notes

CARVANA CO.

$1.66B senior secured Term Loan B due 2033; priced at 99.75% of par.
Proceeds to redeem all outstanding 9.0%/11.0%/13.0% Cash/PIK Senior Secured Notes due 2030.
Redemption dates: $1.0B on Aug 15, 2026; remaining on Aug 22, 2026.
Interest at Term SOFR + 2.25% or base rate + 1.25%; no financial covenant.
Amortization 0.25% quarterly; mandatory prepayments from excess cash flow from FY2028.

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