| | |
FREE WRITING PROSPECTUS | | Filed Pursuant to Rule 433 |
Dated December 21, 2021 | | Registration No. 333-239650 |
| | Registration No. 333-239650-09 |
---Full Pricing $1.002B+ Carvana Auto Receivables Trust 2021-P4---
Issuer: Carvana Auto Receivables Trust 2021-P4
ACTIVE BOOKRUNNERS (A-1 -N) : Citi (str), Credit Suisse, Wells Fargo
ACTIVE BOOKRUNNERS (R) : Citi (str), Baird, Credit Suisse
PASSIVE BOOKRUNNERS (A-1 -N) : BNP Paribas, Deutsche Bank
CO-MANAGER : Baird
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CLS | | AMT (MM) | | | Offered (MM) | | | WAL* | | | P.WIN* | | | Exp. Ratings
(S/K) | | L.FNL | | | BENCH | | | Launch | | | Yld
(%) | | | Cpn
(%) | | | Px | |
A-1 | | $ | 146.600 | | | $ | 139.270 | | | | 0.25 | | | | 01-07 | | | A-1+/K1+ | | | 01/23 | | | | IntL | | | | 9 | | | | 0.30600 | | | | 0.306 | | | | 100.00000 | |
A-2 | | $ | 341.600 | | | $ | 324.520 | | | | 1.10 | | | | 07-22 | | | AAA/AAA | | | 04/25 | | | | EDSF | | | | 25 | | | | 0.83000 | | | | 0.820 | | | | 99.99063 | |
A-3 | | $ | 341.600 | | | $ | 324.520 | | | | 2.53 | | | | 22-42 | | | AAA/AAA | | | 01/27 | | | | IntS | | | | 28 | | | | 1.317 | | | | 1.310 | | | | 99.99157 | |
A-4 | | $ | 143.430 | | | $ | 136.258 | | | | 3.91 | | | | 42-54 | | | AAA/AAA | | | 12/27 | | | | IntS | | | | 39 | | | | 1.647 | | | | 1.640 | | | | 99.99482 | |
B | | $ | 33.240 | | | $ | 31.578 | | | | 4.65 | | | | 54-59 | | | AA/AA+ | | | 02/28 | | | | IntS | | | | 68 | | | | 1.997 | | | | 1.980 | | | | 99.96121 | |
C | | $ | 31.120 | | | $ | 29.564 | | | | 5.05 | | | | 59-64 | | | A/A+ | | | 02/28 | | | | IntS | | | | 100 | | | | 2.346 | | | | 2.330 | | | | 99.97807 | |
D | | $ | 17.410 | | | $ | 16.539 | | | | 5.28 | | | | 64-64 | | | BBB/BBB+ | | | 09/28 | | | | IntS | | | | 127 | | | | 2.629 | | | | 2.610 | | | | 99.97682 | |
N | | $ | 40.000 | | | $ | 38.000 | | | | 0.48 | ** | | | 02-12 | ** | | BB+/BBB | | | 09/28 | | | | EDSF | | | | 185 | | | | 2.16100 | | | | 2.150 | | | | 99.99939 | |
**R | | $ | 58.095 | | | $ | 55.1902 | | | | | | | | | | | NR/NR | | | | | | | | | | | | | | | 8.00% yield | | | | | |
| * | Based on 1.30 ABS Pricing Speed to 2% Call |
| ** | Based on Case 2 assumptions outlined in the Class N OM and Certificate PPMs |
-Deal Summary-
Rated Notes Issued Amount : $1.055bn *No Grow*
Rated Notes Offered Amount : $1.002bn+ *No Grow*
Priced : 12/21/2021
Settle : 12/29/2021
Offering Format : A-1 - D: Public | N and R: 144A/Reg S
First Pay Date : 01/10/2022
ERISA : A-1 - D: Yes | N and R: No
Exp. Ratings : S/K
Min Denoms : A-1 - D: $1k x $1k | N: $1000k x $1k | R: 2.5k Unit x 1 Unit
BBG Ticker : CRVNA 2021-P4
Active Bookrunners (A-1 - N) : Citi, Credit Suisse, Wells Fargo
Passive Bookrunners (A-1 - N) : BNP Paribas, Deutsche Bank
Co-Manager : Baird
Active Bookrunners (R) : Citi, Baird, Credit Suisse
B&D : Citi
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.
