Carvana Announces Senior Notes Offering

By Staff Writer September 23, 2020

Carvana Co., an eCommerce platform for buying and selling used cars, announced it is planning to offer, subject to market conditions and other factors, up to $1.0 billion in aggregate principal amount of Senior Notes, consisting of $500,000,000 aggregate principal amount of Senior Notes due 2025 and $500,000,000 aggregate principal amount of Senior Notes due 2028. Carvana intends to use a portion of the net proceeds from the offering to redeem in full $600.0 million aggregate principal amount of its outstanding 8.875 percent Senior Notes due 2023, and the remainder of the net proceeds to pay fees and expenses related to the offering and for general corporate purposes.

The notes will not be registered under the Securities Act of 1933, as amended, or the securities laws of any other jurisdiction, and will not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements. The offering of the notes will be made only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act and to non-U.S. persons in accordance with Regulation S under the Securities Act.

This press release is issued pursuant to Rule 135c of the Securities Act and does not constitute an offer to sell, or a solicitation of an offer to buy, any security. No offer, solicitation, or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful. Any offers of the notes will be made only by means of a private offering memorandum. This press release is not an offer to purchase or a solicitation of an offer to purchase any 2023 Notes and does not constitute a redemption notice for the 2023 Notes.

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Last modified on Wednesday, 23 September 2020 12:58