Australia's Billabong shares surge after refinancing deal
SYDNEY, July 17
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.
- Atheists face death in 13 countries, global discrimination: study
- Missouri executes man for killing good Samaritan motorist in 1994
- Focus turns to Thai military, anti-government protesters tell them to pick sides
- Google executives' planes saved millions in costs due to error - NASA
- Apple scores legal victory over Samsung in South Korea