Billabong plans US$ note private placement-source

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SYDNEY, July 18 (Reuters) - Australian surf wear retailer
Billabong International Ltd (BBG.AX) plans to raise debt in the
U.S. traditional private placement market, a market source said
on Friday.

The company has completed a series of roadshows in the
United States, hosted by Bank of America, Commonwealth Bank of
Australia and Westpac Institutional Bank.

Billabong is unrated and the planned offer would be its
first ever bond issue.

The company has been pursuing an aggressive expansion in
the U.S. and Europe.

The U.S. private placement market is a popular source of
funds for Australian companies looking for long-dated debt.

Typical buyers of private placement notes are U.S.
insurance companies keen on long-dated paper to match their
liabilities.

Just this week, gaming group Crown Ltd (CWN.AX) raised
US$200 million of such notes. See [ID:nSYD126045] for more
details.
(Reporting by Cecile Lefort)