Carvana Co. Announces Senior Notes Offering
September 22 2020 - 07:55AM
Business Wire
Carvana Co. (NYSE: CVNA), a leading eCommerce platform for
buying and selling used cars, today 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 (the “notes”). 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% Senior Notes
due 2023 (the “2023 Notes”), 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 (“Securities Act”), 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.
About Carvana Co.
Founded in 2012 and based in Phoenix, Carvana’s (NYSE: CVNA)
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 15,000 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 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, except as required
by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200922005538/en/
Investor Relations: Mike Levin investors@carvana.com or
Media Contact: Amy O’Hara press@carvana.com
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