Carvana Completes Restructuring to Slash $1.3 Billion of Debt

Bloomberg2023-09-02

Carvana Co. has completed its debt restructuring with a majority of creditors agreeing to participate in the deal, slashing about $1.3 billion of debt and saving the company more than $455 million of ...

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Wenmoon
2023-09-02
Wenmoon
Shorting the shit out of this rubbish company.

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The deal was expected to cut debt by about $1.2 billion and save $430 million in interest expense per year.Carvana has also offered to buy back any of the notes due 2025 that did not participate in the debt swap, and the cash offer is expected to be settled on Friday, per the statement. About 80% of the holders of the 2025 notes participated in the deal, while more than about 95% of holders of the other three eligible bonds tendered their notes.Meanwhile, S&P Global Ratings downgraded Carvana Friday, calling the transaction a distressed exchange equivalent to a default due to the discount bondholders accepted and the maturity extensions. 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