Shares of Carvana, the online used-car seller known for its tall, glass car-vending machines, surged by more than 30% in early trading after the company reached a debt restructuring agreement
The Phoenix-based company will reduce its outstanding debt by more than $1.2 billion, according to a release. Specifically, the agreement made with noteholders means it’s eliminating more than 80% of Carvana’s 2025 and 2027 “unsecured note maturities and lower required cash interest expense by over $430 million per year for the next two years,” it said. Carvana has been struggling financially in recent months because of declining used car prices.
“The strong performance of our business in 2023 presented an opportunity for an impactful and win-win transaction for Carvana and its senior unsecured noteholders,” said Mark Jenkins, Carvana’s chief financial officer, in a statement.
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