Carvana shares pop as company offers first-quarter guidance, restructures debt
Publishing timestamp: 2023-03-22 12:20:07
Summary
Carvana's stock rose after the company pre-announced guidance for the first quarter, expecting a drastic improvement in losses compared to the previous year despite lower sales and revenue. The company also released plans to restructure its $9 billion debt load, offering noteholders the option to exchange their unsecured notes for new secured notes at a premium to current trading prices. The exchange offer could reduce the face value of Carvana's outstanding unsecured bond debt by $1.3 billion and its annual cash interest bill by roughly $100 million.
Sentiment: MIXED
Tickers: CVNA,
Keywords: carvana co, breaking news: business, transportation, markets, retail industry, autos, business news, business,
Source: https://www.cnbc.com/2023/03/22/carvana-offers-first-quarter-guidance-restructures-debt.html