Cazoo announces restructuring agreement with noteholders

Cazoo Group announces that the company has entered into a transaction support agreement with certain noteholders representing more than 75% of its $630M aggregate principal amount of 2.00% Convertible Senior Notes due 2027 and shareholders representing more than 25% of our outstanding shares. The transactions and actions proposed by the Agreement will significantly deleverage the company’s capital structure and are expected to improve the company’s financial flexibility. The company expects the Transactions to close in the fourth quarter of 2023. Prior to completion of the Transactions and after receiving approval from its shareholders, the company plans to effect a reverse stock split of the company’s issued and unissued share capital, par value $0.002 per share, as well as an increase in authorized share capital. In connection with the Transactions, the Board will be reduced from eight members to seven members, with six members chosen by the owners of the company’s Convertible Notes and one chosen by Cazoo’s current board of directors.