Carvana Completes Restructuring to Slash $1.3 Billion of Debt

Carvana Co. has completed its debt restructuring with a majority of creditors agreeing to participate in the deal, slashing about $1.3 billion of debt and saving the company more than $455 million of interest expense annually over the next two years.

Participating creditors exchanged about $5.5 billion in unsecured bonds with maturities ranging from 2025 through 2030 for roughly $4.2 billion of senior secured notes that come due starting in 2028 through 2031, according to a statement by the used-car retailer.

The company and a group of creditors — including its largest: Apollo Global Management Inc., Ares Management Corp. ...