Australia's Billabong shares surge after refinancing deal

SYDNEY, July 17 Tue Jul 16, 2013 8:06pm EDT

SYDNEY, July 17 (Reuters) - Shares in Australian surfwear company Billabong International Ltd surged as much as 34 percent on Wednesday, a day after the company said it 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.

Billabong said on Tuesday it was issuing former private equity suitor Altamont Capital Partners share options for 15 percent of the company in exchange for a A$325 million bridging loan facility. Altamon will also acquire the DaKine business for A$70 million.

Billabong's shares, which had lost 75 percent of their value in the past year, were at A$0.33 shortly after the market open.

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see
Comments (2)
HenryAudey101 wrote:
They surf on the river?

Jul 16, 2013 10:04pm EDT  --  Report as abuse
HenryAudey101 wrote:
That sad refrain…oh, it heaven when you find romance on your doorstep.

Jul 16, 2013 10:05pm EDT  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.