Carvana has reached a deal with noteholders to reduce the used car retailer’s total debt outstanding by more than $1.2 billion, the company said Wednesday.
The agreement was announced in conjunction with the company’s second-quarter earnings.
In a separate public filing Wednesday, the company said it will sell up to $1 billion in shares as it attempts to raise capital and restructure its operations.Carvana
has reached a debt restructuring agreement that will reduce the used car retailer’s total debt outstanding by more than $1.2 billion, the company said Wednesday.
Carvana said the agreement will eliminate over 83% of its 2025 and 2027 unsecured note maturities and lower its required cash interest expense by more than $430 million per year for the next two years. READ MORE