A Carvana glass tower sits illuminated in Oak Brook, Illinois, Feb. 23, 2022.Armando L. Sanchez | Tribune News Service | Getty ImagesCarvana has reached a debt restructuring agreement that will reduce the used car retailer’s total debt outstanding by more than $1.2 billion, the company said Wednesday.Carvana said the agreement will eliminate over 83% of its 2025 and 2027 unsecured note maturities and lower its required cash interest expense by more than $430 million per year for the next two years.related investing newsIn a separate public filing Wednesday, the company said it will sell up to $1 billion in shares as it attempts to raise capital and restructure its operations.Shares of the company opened Wednesday more than 35% up at $53.99 a share – its highest open price in more than a year.Carvana stock this year has soared from roughly $4 per share to start the year to roughly $40 as of Tuesday’s close. That is still about 90% off from the stock’s all-time high of nearly $377 notched in August 2021. “This transaction significantly increases our financial flexibility by reducing our total debt, extending maturities, and lowering near-term cash interest expense as we continue to execute our plan of driving significant profitability and returning to growth,” Carvana CFO Mark Jenkins said in a state …
