The proceeds of the funding were applied to repay in full the US$294 million (A$315 million) bridge loan facility from the Altamont Consortium which was entered into on 16 July 2013, together with accrued interest and fees. Further details in relation to the terms of the New Term Debt were provided in the Company's announcement of 19 September 2013.
Billabong continues to work with GE Capital to provide an asset-based multi-currency revolving credit facility of up to US$100 million. This has been reduced from up to US$140 million in part due to the sale of West 49.
As also previously announced, as part of the New Term Debt, Billabong will grant 29,581,852 options to the C/O Consortium. The options were to be granted upon funding of the New Term Debt however the Company has agreed with the C/O Consortium that those options will now be granted upon the C/O Consortium obtaining approval from the Foreign Investment Review Board.
As announced on 19 September 2013, now that funding of the New Term Debt has occurred, the Company announces that Jason Mozingo and Matt Wilson have been appointed to the Board.
As previously announced, under the terms of the Option Deed entered into with the Altamont Consortium, Altamont Capital Partners had rights to nominate representatives to the Board.
Now that funding of the New Term Debt with the C/O Consortium has occurred and the Altamont Consortium bridge loan has been repaid, the Altamont Consortium has agreed to give up the right to nominate representatives to the Board of Billabong. Accordingly, Billabong announces that both Jesse Rogers and Keoni Schwartz have retired from the Board.
The Board wishes to recognise that the Altamont Consortium and its representatives have played a constructive role in the affairs of the Company over the period since July when it provided Billabong with the bridge loan.
As also previously announced, Tony Froggatt had indicated his intention to retire from the Board on funding of the New Term Debt. Now that funding has occurred, Billabong announces that Tony has retired from the Board. Tony has been a director since 2007 and brought to the Company his international experience in brands, marketing and distribution.
With the long term funding of the Company now secure through the C/O Consortium's New Term Debt, Colette Paull has also decided to retire from the Board effective from the conclusion of the general meeting to approve the share placement to the C/O Consortium. Colette has been a non-executive director of Billabong since 2000 and throughout that period she has brought to the Company her intimate knowledge of its heritage and business, having been an employee and executive since 1973.
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