Billabong Nets $364M In PE Backing To Stave Off Debt Woes

Law360, New York (July 16, 2013, 1:49 PM EDT) -- Billabong International Ltd. said Tuesday that it plans to tackle its debt with AU$395 million (US$364 million) in financing from private equity firm Altamont Capital Partners, an announcement that trails failed takeover talks and a dive in the surfwear retailer's stock.

The Australian company said it agreed to a refinancing package that includes a AU$325 bridge loan arranged by Altamont and GSO Capital Partners, and to sell off its sportswear brand DaKine for AU$70 million to Altamont.

The moves are designed to pay off Billabong's existing...
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