NewsHK
The term loan B market has opened wide enough for yesterday's distressed borrowers to price at tighter spreads.
(NYSE: CVNA) moved through that window on August 14, 2026, signing a $1.66 billion senior secured term loan B with Barclays Bank PLC as administrative agent, proceeds directed at retiring the 9.0% / 11.0% / 13.0% Cash/PIK Senior Secured Notes the Tempe, Arizona-based used-car retailer issued in September 2023.
The deal prices at 99.75 cents on the dollar. It carries interest at Term SOFR plus a 2.25% applicable margin, or a base rate plus 1.25%, at Carvana's option, and matures August 14, 2033.
Clearing the 2023 distress stack The PIK toggle structure on the 2030 notes, with its escalating cash-or-kind rate schedule, was the signature of a balance sheet under stress.
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