The refinancing of a listed automotive company’s debt facilities took coordination with parties in both Australia and New Zealand, one of the firms said
Allens acted for Bapcor. HSF acted for Australia and New Zealand Banking Group, ANZ Bank New Zealand, The Hongkong and Shanghai Banking Corporation, The Bank of Tokyo-Mitsubishi UFJ, Westpac Banking Corporation, and Westpac New Zealand Limited, which were the lenders.
The Allens team was led by partner Warwick Newell. The HSF team was led by partner Lucy McCullagh, who was assisted by senior associate Preeti Gomez, Solicitor Nicola Morris, and graduate James Paolucci.
Bapcor, which is ASX-listed with a market capitalisation of more than $1.5bn, will repay existing debt facilities for greater flexibility as it pursues long-term revenue and growth goals.
The transaction involved converting an existing syndicated financing structure into a club structure, which is comprised of multi-currency working capital and revolving loan facilities in three- and five-year tranches, HSF said.
McCullagh said the deal was completed in a short timeframe despite its complexity thanks to sound project management and coordination with parties in both Australia and New Zealand. Bapcor is a leading automotive aftermarket parts, accessories, equipment, and services provider.
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