Daily News: January 29, 2014

GE Capital Arranges $100MM Billabong Facility

GE Capital announced that it is serving as administrative agent and lead arranger on a $100 million multicurrency revolving credit facility for Billabong International. The new credit facility, which closed in December, will be used to refinance existing debt and provide working capital to support the company’s growth.

“This facility is an important part of our wider refinancing strategy as we undertake a turnaround of our global operations,” said Peter Myers, chief financial officer, Billabong. “We operate in multiple international markets and GE Capital can support us in a range of them.”

“We are very pleased to be able to put together this multi-country, multi-currency facility for Billabong,” said Bob McCarrick, chief commercial officer—lending at GE Capital, Corporate Finance. “We are focused on serving the middle market, around the world, and feel we can bring a unique set of capabilities to help companies like Billabong to continue to grow.”

Burleigh Heads, Australia-based Billabong International is a sports-apparel company engaged in wholesaling and retailing of surf, skate and sports apparel, accessories and hardware, and the licensing of the company’s trademarks to specified regions of the world. The company’s brands include Billabong, Element, Von Zipper, Kustom, Palmers, Honolua, Xcel, Tigerlily, Sector 9 and RVCA.