Apollo to Purchase $1.6 Billion of Carvana Bonds

A Carvana vending machine in Westminster, Calif.


Jane Hahn for the Wall Street Journal

Apollo Global Management Inc.

APO 1.19%

has put up about $1.6 billion to bolster a troubled financing for online car retailer Carvana Co., people familiar with the matter said.

The investment-fund giant agreed to purchase about half of the $3.275 billion in bonds Carvana was selling to fund the purchase of used-car auction network ADESA US.

(more to come)

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