Carvana 8-K

Summary

Carvana entered into a $1.66B senior secured term loan to refinance its 2030 secured notes. Proceeds are expected to fund repayment of the notes and transaction costs, with any remainder available for general corporate purposes or working capital.

Key Figures

• Term loan: $1.66B principal, issued at 99.75% of principal; matures 8/14/2033. Interest is Term SOFR + 2.25% or, at Carvana’s option, the base rate + 1.25%.
• Refinancing: $1.0B principal of the 2030 notes is scheduled for redemption on 8/15/2026; the remaining outstanding principal is scheduled for redemption on 8/22/2026. Those notes carry 9.0% / 11.0% / 13.0% Cash / PIK interest.
• Amortization: quarterly installments of 0.25% of original principal, beginning in the second full fiscal quarter after closing; remaining principal is due at maturity. The facility has no financial covenant.

Investor Takeaways

• The scheduled redemptions on 8/15/2026 and 8/22/2026 are the next milestones for the planned refinancing.