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https://i-invdn-com.investing.com/trkd-images/LYNXMPEJ6I0ED_L.jpg(Reuters) -Used-car retailer Carvana said on Wednesday it has signed an agreement to reduce its total debt outstanding by over $1.2 billion, sending its shares up 31% in premarket trading.
The agreement signed with a group of noteholders will eliminate more than 83% of its unsecured notes maturing in 2025 and 2027 and lower required cash interest expense by over $430 million per year for the next two years.