Online used car retailer (NYSE: CVNA) is taking advantage of a soaring stock price to temporarily alleviate some pressure from its mountain of debt. Along with its second-quarter report on Wednesday, the company announced a complex debt restructuring deal it struck with most of its noteholders.

Carvana's press release only tells part of the story. The company plans to eliminate 83% of its debt that matures in 2025 and 2027, which largely eliminates the next two maturities, while reducing its overall debt by $1.2 billion. For the next two years, annual cash interest expense will be reduced by about $430 million. The company is on pace to pay around $600 million in interest this year, so that's a big deal.

That all sounds great, until you look at the company's filing with the Securities and Exchange Commission that lays out the full details.

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Source Fool.com