Carvana (CVNA) said Wednedsay it has upsized and priced a $1.66 billion senior secured term loan B facility.
The company said it plans to use the proceeds, along with cash on hand, to redeem in full its 9.00% senior secured notes due 2030.
The facility, whicn matures seven years after the date of closing, is priced at one-month term SOFR plus 225 basis points and was issued at 99.75% of the principal amount, the company said.
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