Carvana To Raise $2.3B Via Debt To Finance ADESA Acquisition

Carvana Co CVNA plans to offer $2.275 billion of Senior Unsecured Notes due 2030.
The company intends to use the proceeds to finance the proposed acquisition of the U.S. physical auction business of ADESA Inc from KAR Auction Services KAR for about $2.2 billion.
ADESA U.S. is a provider of wholesale vehicle auction solutions in the U.S. with 56 sites and approximately 4,500 corporate and operations team members.
Price Action: CVNA shares are trading lower by 6.52% at $78.25 on Monday's last check.