Carvana 8-K, filed Aug 14, 2026

Summary

Carvana Co., as borrower, entered into a credit agreement on August 14, 2026 with lenders and Barclays Bank PLC as administrative agent for a $1.66 billion senior secured term loan B facility maturing in 2033, with net proceeds expected to redeem in full its 9.0%/11.0%/13.0% Cash/PIK Senior Secured Notes due 2030 and to cover fees and general corporate purposes. The 2030 Secured Notes are to be redeemed in two tranches, $1.0 billion on August 15, 2026 and the remainder on August 22, 2026.

Key points

• The Credit Agreement provides a $1.66 billion senior secured term loan B facility maturing August 14, 2033, issued at 99.75% of principal, with interest at Term SOFR plus 2.25% or a base rate plus 1.25%.
• Net proceeds are expected to redeem in full Carvana's outstanding 9.0%/11.0%/13.0% Cash/PIK Senior Secured Notes due 2030, pay related fees and expenses, and fund general corporate or working capital needs.
• $1.0 billion in principal of the 2030 Secured Notes is to be redeemed on August 15, 2026, with the remaining amount redeemed on August 22, 2026.
• The facility amortizes at 0.25% of original principal quarterly starting the second full fiscal quarter after closing, requires mandatory prepayments from certain debt and asset-sale proceeds and, from fiscal 2028, 50% of excess cash flow, and contains no financial covenant.

Written by an AI model from the filing text. It can be incomplete or wrong; the filing on SEC.gov is the record.