Home / Knowledge / News / Apparel/Garments / Billabong draws from GE Capital revolving credit facility
Billabong draws from GE Capital revolving credit facility
18
Dec '13
Billabong International Limited announces that the previously announced asset-based multi-currency revolving credit facility of up to US$100 million from GE Capital has now been agreed and the first drawdowns were made on 16 December 2013 (New York time).

“Together with the previously announced term loan from the Centerbridge Partners and Oaktree Capital Consortium, announcement is another important step in putting in place a capital structure that allows the Company to focus on and execute its operational turnaround,” said Billabong CEO Neil Fiske.

“As we detailed at the recent AGM, the proposed equity issue to the Consortium and subsequent rights issue for all other shareholders are the remaining critical parts of fulfilling that goal.”

As previously announced, subject to shareholder approval of the proposed A$135 million placement at A$0.41 per share to certain entities affiliated with Centerbridge Partners, L.P. and Oaktree Capital Management, L.P. (together the “C/O Consortium”), the Company will undertake a non-underwritten, renounceable rights offering to raise A$50 million at A$0.28 per share (the "Rights Issue").

As the shareholder meeting to seek approval for the placement is expected to occur in January 2014, Billabong now intends to launch the Rights Issue on the date of the release of the half year results for the period ending 31 December 2013, expected to be on or around Friday, 21 February 2014.

As part of this decision, the C/O Consortium has confirmed that it will not take up its rights in the Rights Issue1 in respect of any shares received under the proposed placement. This is consistent with the previously agreed position that the C/O Consortium would not have any entitlement under the Rights Issue in respect of such shares.

Billabong

Must ReadView All

Apparel/Garments | On 5th Dec 2016

EC proposes new tax rules to support e-commerce in EU

The European Commission (EC) has unveiled a series of measures to...

Apparel/Garments | On 5th Dec 2016

Traders to intensify adoption of digital payments

Adoption of digital payments in their existing business format would...

Textiles | On 5th Dec 2016

US textile & apparel exports down 6.44% in Jan-Sept ’16

The exports of textile and apparel from United States were down 6.44...

Interviews View All

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search