Deals
How Apollo’s Last-Minute Twist Salvaged Carvana’s Debt Sale
- Apollo ended up with about $1 billion of the total financing
- Pimco, Franklin also swooped in with large orders for deal
Vehicles inside the Carvana Co. car vending machine in Frisco, Texas, U.S.
Photographer: Laura Buckman/BloombergThis article is for subscribers only.
Carvana Co.’s bankers at JPMorgan Chase & Co. and Citigroup Inc. were in a bind.
The bank duo were trying to sell a roughly $3.3 billion debt package to finance the used-car retailer’s purchase of Adesa Inc.’s U.S. car-auction business -- a deal that would not only widen Carvana’s geographic footprint, but also slash delivery times and boost production capacity.