Billabong International announced the previously announced asset-based multi-currency revolver of up to $100 million from GE Capital has now been agreed and the first drawdowns were made.

“Together with the previously announced term loan from the Centerbridge Partners and Oaktree Capital Consortium, announcement is another important step in putting in place a capital structure that allows the Company to focus on and execute its operational turnaround,” said Billabong CEO Neil Fiske.

As previously announced, subject to shareholder approval of the proposed $135 million placement at $0.41 per share to certain entities affiliated with Centerbridge Partners and Oaktree Capital Management, the company will undertake a non-underwritten, renounceable rights offering to raise $50 million at $0.28 per share.

As the shareholder meeting to seek approval for the placement is expected to occur in January 2014, Billabong now intends to launch the Rights Issue on the date of the release of the half year results for the period ending 31 December 2013, expected to be on or around February 21, 2014.

Billabong International’s core business is the marketing, distribution, wholesaling and retailing of apparel, accessories, eyewear, wetsuits and hardgoods in the boardsports sector under the Billabong, Element, Von Zipper, Honolua Surf Company, Kustom, Palmers Surf, Xcel, Tigerlily, Sector 9 and RVCA brands. The majority of revenue is generated through wholly owned operations in Australia, North America, Europe, Japan, New Zealand, South Africa and Brazil.