Billabong International Limited
(ASX:BBG) has inked a binding agreement with the Centerbridge-Oaktree consortium to recapitalise the company.
Billabong says the deal will include a shake-up of its board to include members appointed by Centerbridge-Oaktree.
Former industry partner to Canadian private equity firm Onex, Neil Fiske, has been appointed as Billabong chief executive officer and managing director.
The long-term financing deal will include a six-year senior secured term loan of $386 million, a $135 million equity placement and a $50 million non-underwritten, renounceable rights issue.
Billabong says it will now be able to repay its $US294 million bridge loan from rival Altamont consortium.
Billabong booked a net loss of $863 million for fiscal 2013.
