Sources: online used-car marketplace Carvana, which saw its shares drop ~30% in recent weeks, was forced to sell half of its bonds to Apollo Global for $1.6B
Online used-car retailer was spurned by lenders to fund deal — Carvana Co. 's financial troubles spilled over into debt markets … Tweets: @jodixu , @wampummining , @blue_chip1 , and @wsjcfo Tweets: Jodi Xu Klein / @jodixu : Apollo to purchase $1.6 billion of Carvana bonds, backstopping about half of the amount the used-car retailer seeks to raise for an acquisition. https://www.wsj.com/... via @WSJ #Carvana #debt @wampummining : A VP of IR once told me “Equity investors are little more than degenerate gamblers who would live in Vegas had things shaken out a little differently. Bond guys tho. Don't fuck with the bond guys” https://twitter.com/... @blue_chip1 : Apollo going in for HALF of the Bond offering... Funny, the article mentions Apollo did the same thing for Hertz: just before the pre-packaged Bankruptcy!! LOL $CVNA $CVNAQ RIP https://www.wsj.com/... @wsjcfo : Apollo negotiated a 10.25% interest rate on Carvana bonds, well above the average for most junk debt, @MattWirz and @kcbroughton report. https://www.wsj.com/... via @WSJ