Carvana's $1 Billion Debt Swap Cancelled Amid Creditor Resistance.
TL;DR
Carvana Co. canceled a $1 billion debt swap after a group of creditors, including Apollo Global Management and Pacific Investment Management Co., refused to exchange their notes. The online automobile seller failed to convince holders of at least $500 million of notes to participate in the exchange offer before the deal expired. The swap’s cancellation marks the latest blow for the Tempe, Arizona-based company, which had sweetened the deal terms and repeatedly extended the timeline in a bid to lure investor participation.
Topics:businessfinance#apollo-global-management#carvana#creditors#debt-swap#finance#pacific-investment-management-co
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