The leading e-commerce platform, Carvana Co. (NYSE: CVNA) shares increase 43.3% to $10.34 pre-trading session on Friday as The firm announced that it has extended the expiration date for each of its previously announced offers to exchange its outstanding existing notes listed below for up to $1,000,000,000 of the Company’s new 9.0%/12.0% Cash/PIK Toggle Senior Secured Second Lien Notes due 2028.
The Exchange Offers, which were set to expire on Wednesday, May 3, 2023 at 5:00 p.m., New York City time, have been extended until 5:00 p.m., New York City time, on May 17, 2023, unless further extended. Existing Notes offered in the Exchange Offers may not be withdrawn because the withdrawal period has passed.
Furthermore, eligible holders who tender Existing Notes validly at or before the New Expiration Time will be eligible to receive the Early Exchange Premium, as shown in the table below. Existing Notes validly tendered and accepted by the Company prior to the New Expiration Time will receive the Total Consideration, as shown in the table below.
Except for the extension of the Exchange Offers and the Early Exchange Premium, all other terms and conditions of the Exchange Offers as outlined in the Exchange Offer Memorandum delivered to eligible holders on March 22, 2023, as revised by the News Release published on April 19, 2023, remain unchanged.
Consideration in the form of $1,000 principal amount of New Secured Notes for every $1,000 principal amount of Existing Notes validly tendered and accepted for exchange, subject to rounding as outlined in the Exchange Offer Memorandum. In addition to the Exchange Consideration and the Early Exchange Premium, all eligible holders of Existing Notes accepted for exchange pursuant to the Exchange Offers will be paid a cash amount equal to any accrued and unpaid interest for such series of Existing Notes from the last interest payment date for such series of Existing Notes to, but not including, the New Expiration Date.
