Allens has advised Australian surfwear company Billabong International Ltd. on a refinancing deal struck with U.S. private equity companies Centerbridge Partners and Oaktree Capital Management.
Centerbridge and Oaktree will provide Billabong with a $360 million loan, while also purchasing $127 million in shares from the Gold Coast-based company. At the same time, Billabong will issue 29.6 million in options to the private equity firms, as well as do a $47 million rights issue to shareholders other than Centerbridge and Oaktree.
