It was also announced that Billabong had entered into binding documentation with the Altamont Consortium in relation to a US$294m (A$325m) bridge loan facility (“Bridge Facility”) which matures on 31 December 2013.
On 19 July 2013, the Company noted the Takeovers Panel announcement of the application made on behalf of Centerbridge Partners and Oaktree Capital in connection with the transactions agreed with the Altamont Consortium.
The Company announces that it has today entered a revised commitment letter and certain other ancillary transaction documents (together, the "Revised Transaction Documents") with the Altamont Consortium.
The Revised Transaction Documents were executed following confirmation from the Takeovers Panel that if certain revisions were made to the original documents, the Panel was minded not to make a declaration and orders. Other revisions have been made by agreement between the parties.
Business stability
As set out in the Company's 16 July announcement, the long term financing package is intended to provide Billabong with a flexible capital structure to allow it to stabilise the business, address its cost structure, and pursue a profitable growth strategy under the anticipated new leadership of Scott Olivet.
The revisions in the Revised Transaction Documents do not affect the Bridge Facility which satisfies Billabong's liquidity needs whilst the long term commitments are finalised. Nor do the revisions impact the intentions of Billabong in relation to finalising the long term financing package as soon as practical and to focus on rebuilding the business.
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Billabong International