Simpson Thacher represented Barclays Bank PLC (“Barclays”), as joint lead arranger and administrative agent in connection with Carvana Co.’s (“Carvana”) new $1.66 billion senior secured term loan B facility. The proceeds of the term loans were used to repay in full Carvana’s existing senior secured notes due 2030.
Carvana is the leading e-commerce platform for buying and selling used cars. Carvana is transforming the used car sales experience by giving consumers what they want - a wide selection, great value and quality, transparent pricing, and a simple, no pressure transaction. Primarily using Carvana’s website or mobile application, customers can complete all phases of a used vehicle transaction, including financing their purchase, trading in their current vehicle, and purchasing complementary products such as vehicle service contracts, GAP waiver coverage, and auto insurance. Each element of Carvana’s business, from inventory procurement to fulfillment and overall ease of the online transaction, has been built for this singular purpose.
The Simpson Thacher team for the transaction included Jessica Tuchinsky, Robert Meyer, Avi Tennenberg, Mark Marzziotti, Khalia Williams, and John Cary (Credit); Courtney Welshimer and Paige Brinton (Intellectual Property); Michael Mann and Ruoxi Zhang (Tax); George Gerstein and Christopher Torikoglu (Executive Compensation and Employee Benefits) and Timothy Gallagher (Real Estate).