Carvana gets $1.6 billion junk bond offer from Apollo to help finance Adesa deal
Carvana raised nearly $3.3 billion through the junk bond sale, which will finance its acquisition of Adesa Inc.’s U.S. car-auction business and improvements across 56 of its sites.
Carvana raised nearly $3.3 billion through the junk bond sale, which will finance its acquisition of Adesa Inc.’s U.S. car-auction business and improvements across 56 of its sites.
www.autonews.com
Deep-Junk-Rated Carvana Gets $4.5 Billion from New Investors, after Shares Collapsed by 79%, Hoping the World Hasn’t Run out of Greater Fools Yet.
Carvana, which sells used cars online, is rated deep-junk, and has been losing a ton of money every year, even in the hottest used-car market ever, and whose shares collapsed by 79% from the peak in August last year, now needs to extract more cash from investors to fuel its cash-burn machine and to pay for the $2.2 billion acquisition of Adesa.
The cash-burn machine needs new fuel.
wolfstreet.com