carsales.com Limited announced the refinancing received strong support from its existing banks and new banking partners which resulted in the syndicated loan facility being over-subscribed. carsales' new facilities includes all 7 banks from the previous facility plus the addition of 3 new banks with a strong mix of domestic and international representation. The new facilities are available in the following tranches: AUD 335 million Tranche A 18 month revolving credit facility; AUD 850 million Tranche B 3 year revolving credit facility; and AUD 415 million Tranche C 5 year revolving credit facility.

The new arrangements provide carsales with diversity of maturity dates and flexibility to draw down in multiple currencies including US dollars. These facilities remain governed by a Common Terms Deed and are unsecured. There are no material changes to the key terms and conditions of the previous facility announced to the ASX in carsales' fiscal year 2022 financial statements.

The pricing outcome was strong, supporting the interest cost efficiencies identified as part of the acquisition from replacing the existing facilities at the Trader Interactive level. There is sufficient debt capacity in Tranches B and C to fund the acquisition. The additional debt capacity in Tranche A provides carsales with additional funding flexibility if required.