Carvana Co. shares soared Wednesday after the Tempe-based used car retailer announced it reached a deal with bondholders that will eliminate $1.2 billion in outstanding debt.
Carvana’s shares rallied on the news and gained 40%, closing at $55.88 a share on Wednesday after nearing $57 earlier in the day. Track the stock here.
Carvana’s agreement with bondholders — including Apollo Global Management — will slash more than 83% of its 2025 and 2027 unsecured note maturities and reduce cash interest expense by $430 million annually for the next two years, according to the company.
