Apollo to Purchase $1.6 Billion of Carvana Bonds
A Carvana vending machine in Westminster, Calif.
Photo:
Jane Hahn for the Wall Street Journal
has put up about $1.6 billion to bolster a troubled financing for online car retailer Carvana Co., people familiar with the matter said.
The investment-fund giant agreed to purchase about half of the $3.275 billion in bonds Carvana was selling to fund the purchase of used-car auction network ADESA US.
(more to come)
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