Autobarn owner Bapcor secures ‘strong’ bank support amid losses, takeover talks

Embattled Autobarn owner Bapcor has won significant backing from its banking partners the same day as announcing acting chief financial officer George Saoud will move into the role permanently.

The vehicle parts and accessories business — which is also behind the Burson, Autopro and Midas brands — on Monday announced it had refinanced $200 million of debt facilities, which had been due to mature in July next year.

Following “strong lender interest”, Bapcor has now increased this debt facility by $100m to a total of $300m split into two parts — now maturing in July 2028 and July 2029.

“Bapcor had strong lender interest, which is reflective of Bapcor’s attractive market and business profile that enabled an increase to the total available limits and a new financier added to the syndicate,” the company said.

“The refinancing is on solid terms and pricing in combination with an extended maturity profile.

“Following the completion of this debt refinance, Bapcor has access to a total $720m debt facility with ANZ, Westpac, NAB, Citi, SMBC and MetLife.”

Bapcor also on Monday announced Mr Saoud, who had been interim CFO since early March, will move into the permanent role from July.

“We appreciate the continued support of our banking partners, and with their support Bapcor has strengthened its financial foundation,” Mr Saoud said of the debt refinancing.

“The new debt facility has competitive terms and pricing and provides the opportunity for us to prepare for future growth.”

Bapcor is currently assessing a $1.83 billion buyout offer lobbed by private equity giant Bain Capital last week.

It comes after shares in Bapcor plunged to a four-year low early last month after it flagged full-year profit was expected to fall by as much as $32 million on the previous year.

Shares were down 2.9 per cent to $4.855 at 10.30am on Monday.