Carvana Co. Announces Upsize and Pricing of its Offering of Class A Common Stock

TEMPE, Ariz.–(BUSINESS WIRE)–Carvana Co. (“Carvana”) (NYSE: CVNA), a leading e-commerce platform for
buying and selling used cars, today announced the upsize and pricing of
its public offering of 4,200,000 shares of its Class A common stock at a
price to the public of $65.00 per share. In addition, Carvana has
granted the underwriters the right to purchase up to 630,000 additional
shares of Class A common stock at the offering price. The offering was
upsized from the previously announced offering size of 3,500,000 shares
of Class A common stock. The offering is expected to close on May 24,
2019, subject to customary closing conditions.

Wells Fargo Securities, Citigroup and Deutsche Bank Securities acted as
book-running managers for the proposed offering.

Carvana also announced today the pricing of $250.0 million of additional
8.875% senior notes due 2023 (the “new notes”) in a concurrent private
placement to qualified institutional buyers, in an offering exempt from
registration under the Securities Act of 1933, as amended. The new notes
will be issued as additional notes under the indenture governing the
outstanding $350.0 million of senior notes that were issued on September
21, 2018.

Carvana intends to use the net proceeds from the public offering of
Class A common stock and the private placement of new notes for general
corporate purposes. Carvana may use the net proceeds from these
offerings to partially repay borrowings under its floor plan facility
until it identifies other specific uses.

The public offering of Class A common stock is being made only by means
of an effective registration statement (including a prospectus and a
prospectus supplement). A copy of the prospectus, the preliminary
prospectus supplement and, when available, the final prospectus
supplement relating to the offering may be obtained from Wells Fargo
Securities, LLC, Attention: Equity Syndicate Department, 375 Park
Avenue, New York, New York 10152, or by phone at 1-800-326-5897, or by
email at [email protected],
from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, NY 11717 (Tel: 800-831-9146), or from Deutsche Bank
Securities, Attention: Prospectus Group, 60 Wall Street, New York, New
York 10005, telephone: 800-503-4611, or by emailing [email protected].

An automatic shelf registration statement relating to the Class A common
stock has been filed with the U.S. Securities and Exchange Commission
and is effective. This press release shall not constitute an offer to
sell or a solicitation of an offer to buy any of these securities, nor
shall there be any sale of these securities in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the applicable securities laws of
such state or jurisdiction.

About Carvana Co.

Founded in 2012 and based in Phoenix, Carvana’s mission is to change the
way people buy cars. By removing the traditional dealership
infrastructure and replacing it with technology and exceptional customer
service, Carvana offers consumers an intuitive and convenient online car
buying and financing platform. Carvana.com enables consumers to quickly
and easily shop more than 18,000 vehicles, finance, trade-in or sell
their current vehicle to Carvana, sign contracts, and schedule
as-soon-as-next-day delivery or pickup at one of Carvana’s patented,
automated Car Vending Machines.

Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements reflect Carvana’s current intentions,
expectations or beliefs regarding the proposed Class A common stock
offering and the new notes offering. These statements may be preceded
by, followed by or include the words “aim,” “anticipate,” “believe,”
“estimate,” “expect,” “forecast,” “intend,” “likely,” “outlook,” “plan,”
“potential,” “project,” “projection,” “seek,” “can,” “could,” “may,”
“should,” “would,” “will,” the negatives thereof and other words and
terms of similar meaning. Forward-looking statements include all
statements that are not historical facts. Such forward-looking
statements are subject to various risks and uncertainties. Accordingly,
there are or will be important factors that could cause actual outcomes
or results to differ materially from those indicated in these
statements. There is no assurance that any forward-looking statements
will materialize. You are cautioned not to place undue reliance on
forward-looking statements, which reflect expectations only as of this
date. Carvana does not undertake any obligation to publicly update or
review any forward-looking statement, whether as a result of new
information, future developments, or otherwise.

Contacts

Investor Relations:
Mike Levin
[email protected]

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