Apollo Throws Struggling Carvana $1.6 Billion Junk-Bond Lifeline
- Firm offered to buy roughly half of debt deal at 10.25%
- Bond offering was restructured and delayed amid weak demand
Apollo Global Management Inc. tossed a lifeline to Carvana Co. by offering to buy roughly half of a struggling junk-bond sale that will help the used-car retailer fund an acquisition and make new investments.
The firm submitted a $1.6 billion order anchoring Carvana’s offering of eight-year bonds at a yield of 10.25%, according to people with knowledge of the matter who asked not to be identified because they’re not authorized to speak publicly.