Smash repairer AMA Group says it has received approval from two major Australian banks for debt facilities totalling $110 million. 

The new arrangements will pay out debt facilities of $97.5 million that are due to expire at the end of the year, and will provide sufficient funding for operational and growth plans. 

“This is an important step that completes the recapitalisation process and positions AMA to pursue significant growth opportunities in the collision repair market,” CEO Mathew Cooper said today. 

“The group is well on the way to executing these growth strategies, investing in people, facilities and customers, and this facility will support those plans.” 

The arrangements have a three-year term, an improved overall cost of funds, do not require the disposal of ACM Parts, and offer more flexible terms, the company says. 

AMA Group will release its half-year results on Friday.