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Carvana stock surges on attempt to restructure debt load

Yahoo Finance

Yahoo Finance Live’s Julie Hyman breaks down the rise in stock for Carvana.

Video transcript

JULIE HYMAN: Carvana shares getting a lift this morning. That's a trending ticker after announcing it's offering noteholders the option to exchange their unsecured notes at a premium to current trading prices. Exchanging note holders can receive new secured notes-- that would provide collateral while reducing Carvana's cash interest expense.

The online used car retailer offering to exchange up to a billion dollars of bond principal at below par prices, as Carvana attempts a restructuring of its debt load. What does all of that mean? The market views Carvana as potentially having liquidity concerns. It's got a lot of debt. And so it is trying now to attempt to fix that.