| | |
FREE WRITING PROSPECTUS | | Filed Pursuant to Rule 433 |
Dated December 6, 2021 | | Registration No. 333-239650 |
| | Registration No. 333-239650-08 |
*Pricing Details* Carvana Auto Receivables Trust 2021-N4 (CRVNA 2021-N4)
ACTIVE BOOKRUNNERS (A-1 - N) : BNP Paribas (str), Citi, Wells Fargo
ACTIVE BOOKRUNNERS (R) : BNP Paribas (str), Baird, Credit Suisse
PASSIVE BOOKRUNNERS (A-1 - N) : Credit Suisse, DB
CO-MANAGER : Baird
Exp.Ratings
| | | | | | | | | | | | | | | | | | | | | | | | |
CLS | | AMT(MM) | | | Offered(MM) | | | WAL* | | | Exp.Ratings(S/D/K) | | BENCH | | SPREAD | | YLD% | | CPN | | $PRICE |
| A-1 | | $ | 172.560 | | | $ | 163.932 | | | | 0.86 | | | AAA/AAA/AAA | | EDSF | | +45 | | 0.841% | | 0.83% | | $99.99188 |
| A-2 | | $ | 63.880 | | | $ | 60.686 | | | | 3.49 | | | AAA/AAA/AAA | | IntS | | +62 | | 1.809% | | 1.80% | | $99.99253 |
| B | | $ | 55.200 | | | $ | 52.440 | | | | 1.39 | | | AA/AA(H)/AA+ | | EDSF | | +62 | | 1.244% | | 1.24% | | $99.99893 |
| C | | $ | 55.660 | | | $ | 52.877 | | | | 2.06 | | | A/A(H)/A+ | | IntS | | +85 | | 1.727% | | 1.72% | | $99.99836 |
| D | | $ | 56.580 | | | $ | 53.751 | | | | 2.77 | | | BBB/BBB(H)/BBB+ | | IntS | | +125 | | 2.317% | | 2.30% | | $99.98425 |
| E | | $ | 56.120 | | | $ | 53.314 | | | | 3.82 | | | NR/BB/BB | | IntS | | +335 | | 4.579% | | 4.53% | | $99.97944 |
| **N | | $ | 21.160 | | | $ | 20.102 | | | | 0.63 | ** | | NR/BB(L)/BB | | EDSF | | +270 | | 3.014% | | 2.99% | | $99.99676 |
| **R | | | [privately placed] |
| * | Based on 1.5 ABS Pricing Speed to 2% Call |
| ** | Based on Case 2 collateral assumptions outlined in the Class N and Certificate PPMs attached |
-Deal Summary-
Rated Notes Issued Amount : $481.160MM *No Grow*
Rated Notes Offered Amount : $457.102MM *No Grow*
Exp. Pricing : Priced
Exp. Settle : 12/15/2021
Offering Format : A-1 - D: Public | E, N and R: 144A/Reg S
First Pay Date : 01/10/2022
ERISA : A-1 - D: Yes | E, N and R: No
Exp. Ratings : S/D/K
Min Denoms : A-1 - D: $1k x $1k
E: $1.50mm x $1k
N: $1.00mm x $1k
R: [Privately Placed]
BBG Ticker : CRVNA 2021-N4
Active Bookrunners (A-1 - N): BNP Paribas, Citibank, Wells Fargo
Passive Bookrunners (A-1 - N): CS, Deutsche Bank
Co-Manager: Baird
Active Bookrunners (R): BNP Paribas, Baird, CS
B&D: BNP Paribas
-Available Information-
| * | Preliminary Prospectus, Preliminary Class E OM, Preliminary Class N OM, Preliminary Certificate PPM, FWP, CDI File and SSS File (attached). Investor presentation and performance data file are available on DealRoadshow. |
| * | Intex Deal Name: bpcrvna21n4_mkt Password: VAJA |
| * | Link: https://dealroadshow.finsight.com/ Passcode: CRVNA2021N4 |
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