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ARTICLE · 29 OCTOBER 2013

Billabong International Limited - refinancing

DLA Piper Australia
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Billabong International Limited's under performing business and increasing net debt are well documented.

AustraliaFinance and Banking
David Ryan
David Ryan
Lyndon Masters
Lyndon Masters
Elliott Cheung
Elliott Cheung

INTRODUCTION AND CONTEXT

Billabong International Limited's under performing business and increasing net debt are well documented. Over the past year and a half, Billabong has received a number of refinancing proposals, each of which appeared less favourable than the last. In July 2013, Billabong announced that it had accepted the Altamontled consortium's refinancing proposal, which had the following interesting features:

  • Termination fee of approximately 54% of Billabong's equity value, triggered by a change of control;
  • Make-whole premium of approximately $107 million, triggered by a change of control; and
  • 35% pa interest rate on convertible note, which decreased to 12% pa, if shareholders approve conversion to redeemable preference shares.

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