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

Textiles | On 20th Feb 2017

UK textile & apparel exports up 7.05% in 2016: UKFT

The exports of apparel and textiles from the UK have increased by...

Textiles | On 20th Feb 2017

Himatsingka Seide incorporates subsidiary in Europe

Himatsingka Seide Ltd, one of the largest producers of home textiles...

Courtesy: Green Initiatives

Apparel/Garments | On 20th Feb 2017

Green Initiatives launches Re:Form to end textile waste

Green Initiatives, a non-government institution, has launched...

Interviews View All

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Ashok Desai
Bombay Textile Research Association

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

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

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
February 2017

February 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search