Carvana prices $1.66B term loan to refinance secured notes

Carvana (NYSE: CVNA) has priced a $1.66 billion Senior Secured Term Loan B facility, which the company intends to use, along with cash on hand, to redeem its 9.00% Senior Secured Notes due 2030, according to a press release.

The term loan was priced at one-month Term SOFR plus 225 basis points and was issued at 99.75% of principal. The facility will mature seven years from the closing date.

Carvana said the transaction is expected to reduce cash interest expense by approximately $45 million per year on a leverage-neutral basis over the next four years, while extending the company's debt maturity profile.

As of June 30, 2026, Carvana reported total debt of $5.24 billion and cash and cash equivalents of $2.63 billion, resulting in net debt of $2.61 billion. The company's trailing twelve-month Adjusted EBITDA for the period ended June 30, 2026, was $2.59 billion, placing its net debt to Adjusted EBITDA ratio at 1.0x. Net income for the same twelve-month period was $2.13 billion.

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