GE Capital said the new credit facility will be used to refinance existing debt and provide working capital to support the company’s growth.
GE Capital Markets served as lead arranger on the facility, which was expected under a recapitalization plan approved by the Australian action sports company’s directors last year.
Billabong’s brands include Billabong, Element, Von Zipper, Kustom, Palmers, Honolua, Xcel, Tigerlily, Sector 9 and RVCA. Billabong is headquartered in Burleigh Heads, Australia.
"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.”