Carvana Co. Announces Upsize and Pricing of Senior Notes Offering
March 25 2021 - 8:07PM
Business Wire
Carvana Co. ("Carvana") (NYSE: CVNA), a leading e-commerce
platform for buying and selling used cars, today announced it has
upsized and priced the private placement of $600.0 million in
aggregate principal amount of its 5.500% Senior Notes due 2027 (the
“Notes”). The Company upsized its offering of the Notes by $100.0
million aggregate principal amount from the previously announced
amount. The Notes will be issued under an indenture to be entered
into upon the closing of the offering, which Carvana anticipates
will take place on or about March 29, 2021, subject to customary
closing conditions. Carvana intends to use the net proceeds from
the offering for general corporate purposes.
The Notes will bear interest at a rate of 5.500% per year,
payable semi-annually on April 15 and October 15 of each year,
beginning on October 15, 2021. The Notes will mature on April 15,
2027, unless earlier redeemed or repurchased.
The Notes, which generally will be guaranteed on a senior
unsecured basis by Carvana's existing domestic subsidiaries, are
being offered only to persons reasonably believed to be “qualified
institutional buyers” in reliance on the exemption from
registration pursuant to Rule 144A under the Securities Act of
1933, as amended (the “Securities Act”), and to persons outside of
the United States in compliance with Regulation S under the
Securities Act. The Notes and the related guarantees have not been
and will not be registered under the Securities Act, or the
securities laws of any state or other jurisdiction, and may not be
offered or sold in the United States without registration or an
applicable exemption from the registration requirements of the
Securities Act and applicable state securities or blue sky laws and
foreign securities laws.
This press release is for informational purposes only 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. Offers of the Notes are being made only by means
of a private offering memorandum.
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 20,000 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 Notes offering
and the anticipated use of the net proceeds therefrom. 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/20210325005983/en/
Investor Relations: Mike Levin investors@carvana.com or
Media Contact: Amy O’Hara press@carvana.com
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