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CarMax to Raise $1.25 Billion in Bond Sale After Profit Miss
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CarMax Inc. kicked off marketing for a $1.25 billion bond sale just hours after it missed analysts’ estimates in earnings results for the fourth quarter.
The auto retailer plans to sell the debt through an asset-backed securities offering that could be increased to $1.6 billion, according to a person with knowledge of the matter. Mitsubishi UFJ Financial Group is structuring the deal, which may be formally announced early next week, said the person, who asked not to be identified as the details are private.