Cazoo

Cazoo Announces Completion of Debt Restructuring and Related Transactions on December 6, 2023

Retrieved on: 
Thursday, December 7, 2023
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Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), the UK online used car retailer, which makes buying and selling a car as simple as ordering any other product online, announces today the completion of its restructuring transactions (the “Transactions”) on December 6, 2023.

Key Points: 
  • Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), the UK online used car retailer, which makes buying and selling a car as simple as ordering any other product online, announces today the completion of its restructuring transactions (the “Transactions”) on December 6, 2023.
  • View the full release here: https://www.businesswire.com/news/home/20231206913728/en/
    Paul Whitehead, Chief Executive Officer of Cazoo, said, “I am delighted that we have now completed these transactions.
  • Cazoo launched only four years ago this week and has already sold almost 150,000 cars entirely online to consumers across the UK.
  • “Completion of these transactions represents a significant inflection point for Cazoo.

Cazoo Updates Methodology for Settlement of Exchange Offer

Retrieved on: 
Wednesday, December 6, 2023
Aftermarket, Automotive, Specialty, Online, Other Automotive, Technology, General Automotive, Retail, Exchange offer, Toggle, NYSE, Debt-to-GDP ratio, Security (finance), Cazoo, News & Notes

Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), the UK online used car retailer, which makes buying and selling a car as simple as ordering any other product online, announces an update to the methodology for settlement of the exchange of $630 million aggregate principal amount of 2.00% Convertible Senior Notes due 2027 (the “Convertible Notes”) for a pro rata portion of (1) $200 million aggregate principal amount of 4.00%/2.00% cash/payment-in-kind toggle senior secured notes due 2027 (the “New Notes”) and (2) Class A ordinary shares of Cazoo, which will represent 92% of the total Class A ordinary shares outstanding immediately after giving effect to the exchange offer (the “Exchange Offer”).

Key Points: 
  • Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), the UK online used car retailer, which makes buying and selling a car as simple as ordering any other product online, announces an update to the methodology for settlement of the exchange of $630 million aggregate principal amount of 2.00% Convertible Senior Notes due 2027 (the “Convertible Notes”) for a pro rata portion of (1) $200 million aggregate principal amount of 4.00%/2.00% cash/payment-in-kind toggle senior secured notes due 2027 (the “New Notes”) and (2) Class A ordinary shares of Cazoo, which will represent 92% of the total Class A ordinary shares outstanding immediately after giving effect to the exchange offer (the “Exchange Offer”).
  • In accordance with the Company’s updated methodology for settlement, each holder of Convertible Notes entitled to receive New Notes in a principal amount that is not a permitted denomination will receive a principal amount of the New Notes rounded to the nearest permitted denomination, rather than a principal amount of the New Notes rounded down to the nearest permitted denomination.
  • The New Notes will be issued in a minimum denomination of US$1,000 and integral multiples of US$1 in excess thereof.
  • The settlement of the Exchange Offer is expected to occur on December 6, 2023.

Cazoo Announces Reverse Stock Split and Increase in Authorized Share Capital

Retrieved on: 
Tuesday, December 5, 2023
Online Retail, Retail, General Automotive, Automotive, Specialty, Sale, NYSE, Exercise, CUSIP, Reverse stock split, Shareholder, Cazoo, Security (finance)

Cazoo Group Ltd (NYSE: CZOO) (“Cazoo,” the “Company,” “we,” “us” or “our”), the UK online car retailer, which makes buying and selling a car as simple as ordering any other product online, announced today that its Board of Directors has approved a consolidation of the Company’s issued and unissued share capital, par value US$0.002 per share, at a ratio of 1-for-100 (the “reverse stock split”), as well as an increase in share capital (the “share increase”).

Key Points: 
  • Cazoo Group Ltd (NYSE: CZOO) (“Cazoo,” the “Company,” “we,” “us” or “our”), the UK online car retailer, which makes buying and selling a car as simple as ordering any other product online, announced today that its Board of Directors has approved a consolidation of the Company’s issued and unissued share capital, par value US$0.002 per share, at a ratio of 1-for-100 (the “reverse stock split”), as well as an increase in share capital (the “share increase”).
  • The reverse stock split and share increase will be effective at 4:05 p.m. (ET) on December 5, 2023 and the Class A Shares will begin trading on a split-adjusted basis when the New York Stock Exchange (the “NYSE”) opens for trading on Wednesday, December 6, 2023.
  • The reverse stock split and the share increase were approved by Cazoo’s shareholders at the extraordinary general meeting of shareholders held on November 21, 2023 with over 97% approval.
  • As a result of the reverse stock split, every 100 Class A ordinary shares issued and outstanding as of the effective date will be automatically combined into one Class A Share.

Cazoo To Complete Exchange Offer with 100% of Noteholders

Retrieved on: 
Tuesday, December 5, 2023
General Automotive, Fleet Management, Other Automotive, Automotive, Exchange offer, Exchange, InterQuest Group Ltd, Toggle, NYSE, Debt-to-GDP ratio, Convertible, Security (finance), Cazoo

Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), the UK online used car retailer, which makes buying and selling a car as simple as ordering any other product online, announces today the final results of its previously announced exchange offer (the “Exchange Offer”).

Key Points: 
  • Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), the UK online used car retailer, which makes buying and selling a car as simple as ordering any other product online, announces today the final results of its previously announced exchange offer (the “Exchange Offer”).
  • In the Exchange Offer, Cazoo offered to exchange $630 million aggregate principal amount of its 2.00% Convertible Senior Notes due 2027 (the “Convertible Notes”) for a pro rata portion of (1) $200 million aggregate principal amount of 4.00%/2.00% cash/payment-in-kind toggle senior secured notes due 2027 and (2) Class A ordinary shares of Cazoo which will represent 92% of the total Class A ordinary shares outstanding upon consummation of the Exchange Offer.
  • The settlement of the Exchange Offer is expected to occur on December 6, 2023.
  • As of the expiration of the Exchange Offer at 11:59 p.m., New York City time on December 4, 2023, $630,000,000 aggregate principal amount of the Convertible Notes were validly tendered and accepted, representing 100% of the outstanding Convertible Notes.

Cazoo Announces Expected Record Date for Distribution of Warrants and Expected Effective Date for Reverse Stock Split

Retrieved on: 
Thursday, November 30, 2023
Online Retail, Retail, General Automotive, Automotive, Specialty, Exchange offer, NYSE, Warrant, Form, Toggle, Multimedia, Debt-to-GDP ratio, Exchange, SEC filing, Reverse stock split, Security (finance), Cazoo

The Class A shares will begin trading on an ex-dividend basis at the open of trading on December 6, 2023.

Key Points: 
  • The Class A shares will begin trading on an ex-dividend basis at the open of trading on December 6, 2023.
  • The payment date for the Warrant Distribution is expected to be on or around December 13, 2023.
  • Implementation of the Reverse Stock Split and the Warrant Distribution are subject to conditions precedent and, as a result, the related effective date and record date and other information set forth in this announcement may be subject to change.
  • No Warrants will be distributed in respect of any Class A ordinary shares issued in connection with the Exchange Offer.

Cazoo Announces All Resolutions Approved at Extraordinary General Meeting

Retrieved on: 
Tuesday, November 21, 2023
Online Retail, Retail, General Automotive, Automotive, Specialty, EGM, Economics, NYSE, Extraordinary general meeting, Security (finance), Transaction, Exchange, Growth, Cazoo

Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), the UK online used car retailer, which makes buying and selling a car as simple as ordering any other product online, announces that, following its Extraordinary General Meeting (“EGM”), held today at 3:00 p.m. GMT, all resolutions submitted for shareholder approval were overwhelmingly approved.

Key Points: 
  • Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), the UK online used car retailer, which makes buying and selling a car as simple as ordering any other product online, announces that, following its Extraordinary General Meeting (“EGM”), held today at 3:00 p.m. GMT, all resolutions submitted for shareholder approval were overwhelmingly approved.
  • The final results of the voting at the EGM will be available shortly at Cazoo’s Investor Relations site, investors.cazoo.co.uk .
  • The Transactions will significantly reduce Cazoo’s indebtedness from $630 million to $200 million and enhance our financial flexibility.
  • We can now leverage the meaningful progress delivered since the beginning of the year to achieve better unit economics and lower costs.

Cazoo Secures 100% Consent from Noteholders to Participate in the Exchange Offer

Retrieved on: 
Monday, November 20, 2023
Online Retail, Retail, Other Automotive, Aftermarket, Automotive, Exchange offer, NYSE, 2022–23 Feyenoord season, Security (finance), Transaction, Multimedia, Debt-to-GDP ratio, Exchange, Mass meeting, Growth, Cazoo

The Company’s Exchange Offer, which will expire on December 4, 2023, is being made upon the terms and subject to the conditions set forth in the Exchange Offer Memorandum filed with the Securities and Exchange Commission (“SEC”) on November 3, 2023 (as amended or supplemented from time to time, the “Offering Memorandum”).

Key Points: 
  • The Company’s Exchange Offer, which will expire on December 4, 2023, is being made upon the terms and subject to the conditions set forth in the Exchange Offer Memorandum filed with the Securities and Exchange Commission (“SEC”) on November 3, 2023 (as amended or supplemented from time to time, the “Offering Memorandum”).
  • View the full release here: https://www.businesswire.com/news/home/20231120660796/en/
    The Exchange Offer is one of a series of transactions the Company is implementing in order to improve its capital structure, decrease the total amount of outstanding indebtedness and position the Company for growth (the “Transactions”).
  • Consummation of the Transactions is subject to shareholder approval, participation by 100% of the Noteholders and other customary closing conditions.
  • The Company expects the Transactions to close in the fourth quarter of 2023, subject to satisfaction of the closing conditions.

Cazoo Announces Third Quarter 2023 Financial Results

Retrieved on: 
Wednesday, October 25, 2023
Online Retail, Retail, Automotive, Other Automotive, Other Retail, General Automotive, Specialty, Yoy, Sale, Security (finance), NYSE, Economics, Pressure, EBITDA, Quarter, Cyprus Securities and Exchange Commission, NYSE Listed Company Manual, Transaction, Cazoo, Environment, GPU, Cryptocurrency, Beauty salon, Potash

In 2023, “Other sales” comprises revenue from walk-in servicing, subscription services, third-party reconditioning and the provision of data services.

Key Points: 
  • In 2023, “Other sales” comprises revenue from walk-in servicing, subscription services, third-party reconditioning and the provision of data services.
  • For the whole of 2023 we expect to sell between 40,000-42,000 retail units and between 50,000-52,000 total units (retail and wholesale).
  • Consequently, our forecast for adjusted EBITDA remains unchanged at £(100) million to £(120) million for 2023.
  • Cazoo will host a conference call today, October 25, 2023, at 8 a.m.

Cazoo Announces Restructuring Agreement with Noteholders to Materially Reduce its Debt and Improve its Capital Structure

Retrieved on: 
Wednesday, September 20, 2023
Online Retail, Retail, Other Automotive, General Automotive, Automotive, Agreement, NYSE Listed Company Manual, Note, Reverse stock split, Progress Property Co Ltd v Moorgarth Group Ltd, PJT Partners, Q2, Debt-to-GDP ratio, Weil, Gotshal & Manges, Deleveraging, Cyprus Securities and Exchange Commission, Transaction, Goldman Sachs, Notice, Form, Growth, NYSE, Economics, Special-purpose acquisition company, Security (finance), Cryptocurrency, Cazoo

The transactions and actions proposed by the Agreement (the “Transactions”) will significantly deleverage the Company’s capital structure and are expected to improve the Company’s financial flexibility.

Key Points: 
  • The transactions and actions proposed by the Agreement (the “Transactions”) will significantly deleverage the Company’s capital structure and are expected to improve the Company’s financial flexibility.
  • It is the view of the board of directors of Cazoo (the “Board”) that the material debt reduction offered by the Transactions is beneficial to the Company’s future.
  • Cazoo’s current capital structure weighs on the Company’s equity notwithstanding its strong cash balance and recent progress towards its goal of profitable growth.
  • Alex Chesterman, Founder and Executive Chairman of Cazoo, commented, “Today’s agreement represents an opportunity to significantly deleverage Cazoo’s capital structure and enhance the financial flexibility Cazoo needs in order to achieve profitable growth.

Cazoo Reports Strong Second Quarter and First Half 2023 Financial Results

Retrieved on: 
Tuesday, August 1, 2023
Aftermarket, Automotive, General Automotive, Vehicle Technology, Other Automotive, Recreational Vehicles, Performance & Special Interest, Autonomous Driving, Vehicles, Fleet Management, Cash Cash, Depreciation, Yoy, Cazoo, EBITDA, International, Adjustment, International Financial Reporting Standards, GPU, Bookkeeping, Video game, Film industry, Cryptocurrency, EU

In 2023, “Other sales” comprises revenue from walk-in servicing, subscription services, third-party reconditioning and the provision of data services.

Key Points: 
  • In 2023, “Other sales” comprises revenue from walk-in servicing, subscription services, third-party reconditioning and the provision of data services.
  • 3 Retail GPU (Gross Profit per Unit) is derived from retail revenues divided by retail units sold (net of returns).
  • Since Q2 2022 we have maintained strong momentum in improving Retail GPU, while executing at pace the strategic changes at the Company.
  • We delivered steady progression in our Retail GPU up to £1,290 by Q2 2023 from £309 in Q2 2022.