UPDATE 1-Australia's Billabong gets A$600 mln loan-source

(Adds loan details)
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SYDNEY, Aug 15 (Reuters) - Billabong International Ltd
(BBG.AX), an Australian surfwear retailer, has received a loan
of A$600 million ($522 million) equivalent from a group of
banks to refinance debt, a market source said.

The loan replaced a previously planned U.S. traditional
private placement, another source said on Friday.

Commonwealth Bank of Australia and Westpac Banking Corp
were the mandated joint leads for the loan which was evenly
split into two-year and three-year tranches.

Pricing details were not available.

Australia & New Zealand Banking Group, Banc of America
Securities, HSBC and Societe Generale also participated in the
loan.

In addition, the borrower also signed a two-year A$100
million unsecured multi-currency overdraft facility with HSBC.

The proceeds are to refinance Billabong's existing
bilateral loans from CBA and Westpac, as well as for additional
liquidity.

Billabong initially intended to make its bond debut in the
U.S. traditional private market and had completed a roadshow in
the United States hosted by Bank of America, CBA and Westpac.

Billabong has been pursuing an aggressive expansion in the
U.S. and Europe.
($1=1.15 Australian Dollar)
(Additional reporting by Sharon Klyne)
(Reporting by Cecile Lefort)