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Billabong signs refinancing deal - reutersAustralia's Billabong International accepted a sweetened refinancing proposal from hedge funds Oaktree Capital Management and Centerbridge Partners, and appointed an industry veteran as its new chief executive, writes Reuters. The moves could help the surfwear company turn around its performance, which has been hit by slumping sales of its key brands and a costly expansion strategy since it knocked back a A$850 million ($794.71 million) private equity bid last year.
- Reuters - Australia's Billabong Attracts Debt Players
US hedge fund Coastal Capital joined debt specialists circling Billabong International Ltd seeking a board spill, as rival investors eye the proceeds from a potential debt restructure rather than equity from a long-term turnaround, writes Reuters. Billabong's shares jumped 14 percent to A$0.48 ($0.43) after shareholder Coastal said it wanted to ditch and replace the majority of the board as well amend the company's constitution for member approval of future debt and equity financing arrangements, writes Reuters.
- Reuters: Australia's Billabong says Refinancing Within Reach as Losses Mount
Australia's Billabong International Ltd on Tuesday said it would conclude a refinancing deal within weeks as its annual net loss more than tripled and sales of its surf and streetware continued to decline in key markets including the United States, Reuters reported.
- Reuters: Centerbridge, Oaktree Sweeten Billabong Refinancing Deal
Oaktree Capital Management and Centerbridge Partners sweetened their refinancing proposal for surfwear company Billabong International Ltd, upping the ante against a rival group led by Altamont Capital Partners, Reuters reported.
- Billabong Secures Loan Financing
FS Investment Corporation and FS Investment Corporation II and private equity firm Altamont Capital Partners have committed to a $294 million proprietary loan financing for Billabong International Limited. Billabong is an international manufacturer and distributor of surfwear and extreme sports apparel. The financing commitment provided by FSIC, FSIC II and Altamont consists of a $294 million bridge loan. The financing arrangement also includes an option to acquire a 15 percent equity stake in Billabong.
- Australia Rejects Billabong Challenge
Australia’s takeover regulator declined a request from Oaktree Capital Management and Centerbridge Partners to delay a $359 million refinancing deal surfwear for company Billabong International Ltd on antitrust concerns.
- Reuters: Oaktree and Centerbridge Launch Challenge to Billabong Deal
U.S. hedge funds Oaktree Capital Management and Centerbridge Partners on Friday asked Australia's takeover regulator to intervene in surfwear company Billabong International Ltd's $359 million refinancing deal with Altamont Capital Partners, Reuters reported.
- Reuters: Australia's Billabong Strikes $359 mln Refinancing Deal; CEO goes
Australian surfwear company Billabong International Ltd will sell its DaKine clothing and accessories brand and jettison Chief Executive Launa Inman as part of a A$395 million ($359 million) refinancing deal with a former private-equity suitor, Reuters reports.
- Altamont, GSO Refinance Billabong
Altamont has partnered with GSO Capital Partners to provide refinancing for Billabong International Limited. As part of the recapitalization, Altamont also agreed to acquire DAKINE from Billabong, which will be run as a separate company. Press reports value the financing package http://dealbook.nytimes.com/2013/07/16/billabong-secures-364-million-in-financing/ at $364 million. Billabong's board also said it plans to appoint Scott Olivet as Chief Executive Officer and Managing Director of the company. Billabong was the subject of a bidding war http://www.bloomberg.com/news/2013-01-14/billabong-gets-rival-a-527-million-offer-from-vf-altamont-1-.html earlier this year.
- Altamont Capital Partners Buys Two Food Companies from Atlantic Premium Brands
Altamont Capital Partners said on Monday that it has acquired Richard's Cajun Foods and Blue Ribbon from Atlantic Premium Brands. No financial terms were disclosed. Richard's Cajun Foods is a producer of Cajun food products while Blue Ribbon is a South East Texas bacon and sausage company.