Auto-parts supplier Bapcor (ASX:BAP) has refinanced $270 million worth of debt by extending its maturity profile from July 2022.
Bapcor refinanced its debt facilities in order to re-profile the existing $270 million three year tranches. Following the refinancing, Bapcor has continued access to a $520 million debt facility with ANZ, Westpac, MUFG Bank, HSBCand and MetLife.
“We are very pleased with the outcome of our refinancing, which was over subscribed and reflects the underlying strength of the business and the strong support from our existing financiers,” said acting CEO Noel Meehan.
“The new debt facility has improved terms and pricing and provides significant flexibility for Bapcor going forward to capitalise on future growth opportunities as they arise.”
Shares in Bapcor (ASX:BAP) are trading 0.8 per cent lower at $6.65.