Groups seek delay in Billabong/Altamont deal


Industry Updates

Centerbridge Partners and Oaktree Capital ask for delay

Surfersvillage Global Surf News, 19 July, 2013 : - - Two US hedge funds have asked the government Takeovers Panel to delay the refinancing deal Billabong has struck with private equity firm Altamont Partners, arguing that the terms are “anti-competitive and coercive”.

In an application to the panel today, Centerbridge Partners and Oaktree Capital take aim at the deal’s elevated, 35 per cent interest rate on a $US40 million convertible note, to be charged until Billabong shareholders endorse the deal, as well as a $65m break fee.

“The applicants also submit that there has been no disclosure of the terms of the exclusivity arrangements or the details of the circumstances in which the termination fee may be payable,” a statement by the panel says.

The statement said Centerbridge and Oaktree were seeking interim orders, including a delay in any drawdown of a $US294m bridge facility or completion of Billabong’s $70m sale of the DaKine sale to Altamont, until the panel makes its determination.

In a statement, Billabong said it disagreed with the basis of Oaktree and Centerbridge's application but would make no further public comment.

Read the full article at the Australian

Related articles:
Government asked to examine Billabong deal
Billabong names Olivet new CEO, sells Dakine

Source: The Australian

Author: The Editors

Tags: Billabong, Dakine, Altamont

Industry: Surfersvillage

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