Vroom raises convertible note commitments to $60 million from $50 million with Mudrick, Annox
VRM•Vroom increased commitments for its senior secured delayed draw convertible notes due 2032 to $60 million from $50 million. Its subsidiary United Auto Credit also completed a securitization, with the trust issuing $234.23 million in asset-backed notes.
1. Convertible note commitments
An October 13 amendment increased commitments for Vroom’s Senior Secured Delayed Draw Convertible Notes due 2032 to $60 million from $50 million. Mudrick Capital Management and Annox Capital provided the increased commitments; all other material terms remained unchanged.
2. Auto receivables securitization
United Auto Credit completed a securitization on October 15, with the trust issuing $234.23 million in asset-backed notes secured by approximately $292.06 million of subprime auto receivables. The notes carry fixed interest rates ranging from 5.09% to 9.59%. Monthly principal and interest payments are obligations solely of United Auto Credit Securitization Trust 2026-2, not United Auto Credit or its depositor.
