(For the latest Australia and New Zealand bond news, double
click on [AU/CRD] and then double click on the ID number)
SYDNEY, Aug 15 (Reuters) - Billabong International Ltd
(BBG.AX), an Australian surfwear retailer, is likely to raise a
syndicated loan instead of a planned U.S. traditional private
placement, a market source said on Friday.
The company completed a roadshow in the United States in
July and had planned to make its bond debut in a market that is
popular for Australian corporations looking for long-dated
debt.
Seven companies, including steel makers BlueScope Steel Ltd
(BSL.AX) and OneSteel Ltd (OST.AX), have sold notes there this
year, raising a total of A$1.6 billion. For the full list, see
[ID:nSYD227348].
Typical buyers of private placement notes are U.S.
insurance companies keen on long-dated paper to match their
liabilities.
Bank of America, Commonwealth Bank of Australia and Westpac
Institutional Bank were hired to arrange the Billabong note
placement.
Billabong has been pursuing an aggressive expansion in the
U.S. and Europe.
(Reporting by Cecile Lefort)
