| | |
FREE WRITING PROSPECTUS
Dated March 25, 2022 | | Filed Pursuant to Rule 433
Registration No. 333-263473
Registration No. 333-263473-01 |
*Full Pricing* Carvana Auto Receivables Trust 2022-P1 (CRVNA 2022-P1)
ACTIVE BOOKRUNNERS (A-1 -N) : Citi (str), Deutsche Bank, Wells Fargo
ACTIVE BOOKRUNNERS (R) : Citi (str), Baird, Credit Suisse
PASSIVE BOOKRUNNERS (A-1 -N) : BNP Paribas, Credit Suisse, Santander
CO-MANAGER : Baird
Anticipated Capital Structure:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CLS | | | | AMT
(MM) | | | Offered
(MM) | | | WAL* | | | P.WIN* | | Exp.Ratings
(S/K) | | E.FNL | | L.FNL | | BENCH | | Lnch | | | | Yld | | | | Cpn | | Price | |
A-1 | | | | $ | 146.000 | | | $ | 138.700 | | | | 0.23 | | | 01-06 | | A-1+/K1+ | | 09/22 | | 04/23 | | IntL | | 30 | | | | 1.21833% | | | | 1.21833% | | | 100.00000 | |
A-2 | | | | $ | 324.000 | | | $ | 307.800 | | | | 1.05 | | | 06-21 | | AAA/AAA | | 12/23 | | 05/25 | | EDSF | | 79 | | | | 2.821% | | | | 2.57% | | | 99.75855 | |
A-3 | | | | $ | 324.000 | | | $ | 307.800 | | | | 2.39 | | | 21-39 | | AAA/AAA | | 06/25 | | 02/27 | | IntS | | 100 | | | | 3.590% | | | | 3.35% | | | 99.51206 | |
A-4 | | | | $ | 149.350 | | | $ | 141.882 | | | | 3.70 | | | 39-52 | | AAA/AAA | | 07/26 | | 02/28 | | IntS | | 110 | | | | 3.758% | | | | 3.52% | | | 99.27983 | |
B | | | | $ | 31.710 | | | $ | 30.124 | | | | 4.40 | | | 52-55 | | AA/AA+ | | 10/26 | | 02/28 | | IntS | | 155 | | | | 4.198% | | | | 3.00% | | | 95.33538 | |
C | | | | $ | 32.230 | | | $ | 30.618 | | | | 4.74 | | | 55-60 | | A/A+ | | 03/27 | | 04/28 | | IntS | | 180 | | | | 4.440% | | | | 3.30% | | | 95.30688 | |
D | | | | $ | 24.940 | | | $ | 23.693 | | | | 5.10 | | | 60-64 | | BBB/BBB+ | | 07/27 | | 01/29 | | IntS | | 250 | | | | 5.132% | | | | 4.80% | | | 98.75322 | |
N | | | | $ | 16.250 | | | $ | 15.437 | | | | 0.66 | ** | | 04-13** | | BB/BBB | | 04/23 | | 01/29 | | EDSF | | 280 | | | | 4.396% | | | | 4.35% | | | 99.99591 | |
**R | | | | [$ | 38.8280 | ] | | [$ | 36.8866 | ] | | | | | | | | | | | | | | | | | | | | 11.77% | | | | | | | | |
| * | Based on 1.30 ABS Pricing Speed to 2% Call |
| ** | Based on Case 2 assumptions outlined in the Class N OM and Certificate PPMs attached |
-Deal Summary-
Rated Notes Issued Amount : $1.048bn+ *NO GROW*
Rated Notes Offered Amount : $996.054mm *NO GROW*
Settle : 03/30/2022
Delivery : DTC, Euroclear, Clearstream
Offering Format : A-1 - D: Public | N and R: 144A/Reg S
First Pay Date : 04/11/2022
ERISA : A-1- D: Yes | N and R: No
Exp. Ratings : S/K
Min Denoms : A-1 - D: $1k x $1k | N: $750k x $1k | R: 2k x 1 Unit
BBG Ticker : CRVNA 2022-P1
Active Bookrunners (A-1- N) : Citi, Deutsche Bank, Wells Fargo
Active Bookrunners (R) : Citi, Baird, Credit Suisse
Passive Bookrunners (A-1 - N) : BNP Paribas, Credit Suisse, Santander
Co-Manager : Baird
B&D : Citi
-Available Information-
| * | Preliminary Prospectus, 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: xCVAR22P1 / Password: BUXJ |
-CUSIPS-
A1: 14688DAA9 / A2: 14688DAB7 / A3: 14688DAC5 / A4: 14688DAD3 / B: 14688DAE1
C: 14688DAF8 / D: 14688DAG6 / N: 14688DAH4 / R: 14688DAM3
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-831-9146. Any legends, disclaimers or notices that appear below are not applicable to this message and should be disregarded. Such text has been automatically generated via bloomberg or another system.
