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Share Name | Share Symbol | Market | Type |
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Billabong Fpo | ASX:BBG | Australian Stock Exchange | Ordinary Share |
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0.00 | 0.00% | 0.00 | - |
SYDNEY--A U.S. consortium comprising Centerbridge Partners LP and Oaktree Capital Management have made a new unsolicited refinancing offer for Australian surfwear retailer Billabong International Ltd. (BBG.AU) that could deliver them nearly 40% of the company.
The two distressed debt investors, who are owed money by Billabong, said in a statement Friday they are offering superior terms to a deal the retailer has already agreed to, from a separate group comprising Californian private equity firm Altamont Capital Partners and Blackstone Group's (BX) credit arm, GSO Capital Partners.
Those terms include a lower interest rate on the retailer's debt, which could lead to savings of up to A$143 million (US$129 million) over five years.
The Centerbridge and Oaktree consortium is seeking to partake in an equity raising at A$0.35 a share, which would give them a stake of 39.7%, assuming existing shareholders partake in a A$32.5 million rights issue.
"[Our] consortium believes the company has a well-recognised portfolio of brands with great future potential," the investment firms said.
Centerbridge and Oaktree have also advised Billabong's board they have engaged with alternate CEO candidates in the event Scott Olivet, recently installed by the Altamont consortium, is unavailable.
Billabong last month rejected an earlier refinancing proposal from Centerbridge and Oaktree, saying they had submitted their bid too late.
Billabong shares were trading 1.8% higher at 56 cents early Friday afternoon. A spokesman for the company wasn't immediately available for comment.
-Write to Gillian Tan at gillian.tan@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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