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Herbert Smith Freehills advises lenders on Bapcor A$500 million refinancing

11 July 2017 | Australia, Asia Pacific
Deals and cases

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Herbert Smith Freehills is pleased to have acted for Australia and New Zealand Banking Group Limited, ANZ Bank New Zealand, The Hongkong and Shanghai Banking Corporation Limited, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Westpac Banking Corporation and Westpac New Zealand Limited as Australian counsel in relation to the A$500 million refinancing of Bapcor Limited’s existing debt facilities.

Bapcor’s core business involves providing automotive aftermarket parts, accessories, automotive equipment and services, and is a leading provider in Australasia. Bapcor is listed on the ASX and has a market capitalisation of over A$1.5 billion.

The refinancing involved converting an existing syndicated financing structure into a club structure comprised of multicurrency working capital and revolving loan facilities in three and five year tranches. This new financing structure will give Bapcor greater flexibility and provide a strong platform to embark on achieving long term revenue and growth strategies.

Partner Lucy McCullagh led the transaction and has deep experience in advising financiers and borrowers in relation to large and complex corporate financings. She was assisted by senior associate Preeti Gomez, solicitor Nicola Morris and graduate James Paolucci.

Ms McCullagh commented: “We were able to successfully complete the transaction within a short timeframe despite its complexity, which required us to implement sound project management to coordinate parties located in both Australia and New Zealand.”

This deal is another example of Herbert Smith Freehills’ market-leading corporate finance work.

Allens advised Bapcor. 

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For further information on this news article, please contact:

Kelly Murray, External Communications Lead

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