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    CVNA   US1468691027

CARVANA CO.

(CVNA)
  Report
Delayed Nyse  -  01:00 2022-11-25 pm EST
7.970 USD   -1.85%
11/23Insider Buy: Carvana
MT
11/22Baird Downgrades Carvana to Neutral From Outperform, Price Target is $7
MT
11/22Cowen Downgrades Carvana to Market Perform from Outperform, Lowers Price Target to $10 From $55
MT
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CARVANA CO. : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)

09/22/2022 | 04:56pm EST

Item 1.01 Entry into a Material Definitive Agreement.

On September 22, 2022, Carvana, LLC (the "Company"), a subsidiary of Carvana Co., Ally Bank and Ally Financial Inc. (together, "Ally") entered into a Third Amended and Restated Inventory Financing and Security Agreement (the "12-Month Floor Plan Facility") to, among other things, extend the duration of the line of credit until September 22, 2023 at $2.2 billion, including a $200 million participation from Deutsche Bank AG, New York Branch.

On September 22, 2022, the Company and Ally also entered into a separate Inventory Financing and Security Agreement (the "18-Month Floor Plan Facility") to finance the Company's used vehicle inventory. The line of credit under the 18-Month Floor Plan Facility is up to $2.0 billion, which becomes available following the maturity and repayment of the 12-Month Floor Plan Facility, and its maturity date is March 22, 2024.

The foregoing descriptions of the 12-Month Floor Plan Facility and the 18-Month Floor Plan Facility are qualified in their entirety by reference to the complete text of the 12-Month Floor Plan Facility and the 18-Month Floor Plan Facility, copies of which are filed as Exhibit 10.1 and Exhibit 10.2, respectively, hereto.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.        Description

  10.1               Third     Amended and Restated Inventory Financing and Security Agreement  *

  10.2               Inventory Financing and Security Agreement  *

                   Cover Page Interactive Data File - the cover page XBRL tags are embedded
101                within the Inline XBRL document.

104                The cover page from the Current Report on Form 8-K, formatted as Inline XBRL.

*Certain portions of this exhibit have been omitted in accordance with Item 601(b)(10)(iv) of Regulation S-K. The registrant agrees to furnish supplementally an unredacted copy of this exhibit to the Securities and Exchange Commission upon its request.

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses

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