Carvana Co. Announces Offering of Class A Common Stock
May 20 2019 - 4:14PM
Business Wire
Carvana Co. (NYSE: CVNA), a leading e-commerce platform for
buying and selling used cars, today announced that it has commenced
a public offering of its Class A common stock. Carvana is proposing
to sell 3,500,000 shares of Class A common stock and expects to
grant the underwriters the right to purchase up to 525,000
additional shares of Class A common stock.
Wells Fargo Securities, Citigroup and Deutsche Bank Securities
will act as book-running managers for the proposed offering.
Concurrently with the proposed public offering of Class A common
stock, Carvana is offering, subject to market conditions and other
factors, $250.0 million of additional 8.875% senior notes due 2023
(the “new notes”) in a private offering. The new notes will be
issued as additional notes under the indenture governing the
outstanding $350.0 million in aggregate principal amount of
Carvana’s 8.875% senior notes due 2023 that were issued on
September 21, 2018. The public offering of Class A common stock is
not contingent upon the consummation of the concurrent new notes
offering, and the concurrent new notes offering is not contingent
upon the consummation of the public offering of Class A common
stock.
Carvana intends to use the net proceeds from the public offering
of Class A common stock and the new notes offering for general
corporate purposes. Carvana may use the net proceeds from these
offerings to partially repay borrowings under its floor plan
facility until it identifies other specific uses.
The offering of Class A common stock will be made only by means
of an effective registration statement (including a prospectus and
a preliminary prospectus supplement). A copy of the prospectus and
the preliminary prospectus relating to these securities may be
obtained from Wells Fargo Securities, LLC, Attention: Equity
Syndicate Department, 375 Park Avenue, New York, New York 10152, or
by phone at 1-800-326-5897, or by email at
cmclientsupport@wellsfargo.com, from Citigroup, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717
(Tel: 800-831-9146), or from Deutsche Bank Securities, Attention:
Prospectus Group, 60 Wall Street, New York, New York 10005,
telephone: 800-503-4611, or by emailing prospectus.CPDG@db.com.
An automatic shelf registration statement relating to the Class
A common stock has been filed with the U.S. Securities and Exchange
Commission and is effective. This press release shall not
constitute an offer to sell or a solicitation of an offer to buy
any of these securities, nor shall there be any sale of these
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the applicable securities laws of such state or
jurisdiction.
About Carvana Co.
Founded in 2012 and based in Phoenix, Carvana’s mission is to
change the way people buy cars. By removing the traditional
dealership infrastructure and replacing it with technology and
exceptional customer service, Carvana offers consumers an intuitive
and convenient online car buying and financing platform.
Carvana.com enables consumers to quickly and easily shop more than
18,000 vehicles, finance, trade-in or sell their current vehicle to
Carvana, sign contracts, and schedule as-soon-as-next-day delivery
or pickup at one of Carvana’s patented, automated Car Vending
Machines.
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements reflect Carvana’s current
intentions, expectations or beliefs regarding the proposed Class A
common stock offering and the new notes offering. These statements
may be preceded by, followed by or include the words "aim,"
"anticipate," "believe," "estimate," "expect," "forecast,"
"intend," "likely," "outlook," "plan," "potential," "project,"
"projection," "seek," "can," "could," "may," "should," "would,"
"will," the negatives thereof and other words and terms of similar
meaning. Forward-looking statements include all statements that are
not historical facts. Such forward-looking statements are subject
to various risks and uncertainties. Accordingly, there are or will
be important factors that could cause actual outcomes or results to
differ materially from those indicated in these statements. There
is no assurance that any forward-looking statements will
materialize. You are cautioned not to place undue reliance on
forward-looking statements, which reflect expectations only as of
this date. Carvana does not undertake any obligation to publicly
update or review any forward-looking statement, whether as a result
of new information, future developments, or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190520005774/en/
Investor Relations:CarvanaMike
Levininvestors@carvana.com
Carvana (NYSE:CVNA)
Historical Stock Chart
From Aug 2024 to Sep 2024
Carvana (NYSE:CVNA)
Historical Stock Chart
From Sep 2023 to Sep 2024