by The Editors on January 9, 2014
On January 30, 2014 the shareholders of Billabong will vote on a proposal to issue 329 million shares at 41c apiece to Centerbridge Partners and Oaktree Capital Management, according to a story in The Australian. But not everyone is happy about this plan.
AN independent expert has declared a proposal to issue up to $185 million in Billabong shares to a pair of US private equity funds is unfair to existing shareholders.
To know what’s truly “unfair” you’d have to weigh dilution against dissolution.
[Link: The Australian]
by The Editors on December 8, 2013
The Billabong Pipe Masters in Memory of Andy Irons kicked off today (December 8, 2013) in firing six to eight foot surf that faded over the course of the day, but never stopped delivering barrels. Brazilian Gabriel Medina put down the highest score of the day (18.67) and landed one of the biggest airs ever done at Pipeline on his way to blazing Bruce Irons.
“I got a little bit lucky,” Medina said. “I got three really good barrels and did the air at the end. I was watching the guys always getting big scores at backdoor and had them in my mind. Somehow, I found those lefts and that was such a fun heat. I’ve always watched Bruce (Irons) and I really respect him. To be surfing with him is a dream come true.”
The top seeds jump into the action tomorrow in round three. For the official word from the ASP including complete results, follow the jump.
[click to continue…]
by The Editors on November 4, 2013
In its continuing battle to throw off ballast, Billabong has finally sold Canadian action mall retailer West 49 to Candian mall fashion retailer YM, Inc. for approximately $10 million, according to a story on Reuters. These are the same stores that Billabong paid $93 million for in August of 2010.
Both companies have also entered into a two-year supply agreement while Billabong will retain its six eponymous stores and two Element stores in Canada. . . “The sale of West 49 is part of our broader strategy of simplifying our business and focusing on the core of what we do best, which is building strong global brands,” Neil Fiske, CEO of Billabong said in a statement.
Yeah, that and turning $93 million into $10 million in three years. Billabong had been trying to off load West since May 2013.
[Link: Reuters]
by The Editors on September 20, 2013
To be honest, we’ve recently lacked the rigor required to stay up-to-date on the constantly changing story of Billabong debt, its pending demise, and who they’re going to depend on to save them. The most recent news is that company has landed a refinancing deal with Centerbridge Partners and Oaktree Capital (brave investors) to the tune of $386 million, according to a story in The Australian.
Private equity firm, Altamont Capital Partners, which only months earlier had agreed to recapitalize the group, has been shown the door. . . While Centerbridge and Oaktree, and their affiliates, have not bid to buy the business outright, the consortium will emerge from the deal, if approved by shareholders, with significant control. . . In addition to controlling most of the company’s senior debt, an accompanying $135m equity placement will see it owning up to 40.8 per cent of Billabong’s shares. It will also have the right to install three representatives on Billabong’s board and has brought a new chief executive to the table.
Oh, and Billabong is reportedly completely out of Nixon. That’s likely old news to you, but let us remind you of that rigor thing. Click the link of the rest of the story. Or, if you want to know what Jeff Harbaugh things about it, click here.
[Link: The Australian]
by The Editors on September 6, 2013
Billabong’s women’s snowboard team just put in a week of work at Whistler and it looks like Jamie Anderson, Helen Schettini, Rebecca Torr, Alex Duckworth, Taylor Godber, and Jenna Blasman had a pretty good time. Check it.
by The Editors on August 30, 2013
Former Billabong CEO Derek O’Neill and his wife Nikki are reportedly selling their “Beachbreak Cauarina” home located only 15 minutes from the Coolangatta Airport. The home is pretty plush, according to a post on Property Observer.
The 2005 Paul Uhlmann designed home has spacious indoor and outdoor entertaining options behind its formal entrance complete with Frangipani trees. . . The main kitchen and living areas feature beautiful New Guinea Rosewood cabinetry, eight metre high ceilings, chocolate quartz tiles and a mixture of electric blinds and windows to maximise natural light and airflow. . . Along with the spacious master suite, there are an additional three guest bedrooms upstairs as well as a fourth ensuited guest bedroom on the ground floor. . . The lock-up garage can park seven cars. The gardens comes with pool and firepit.
Looks like the kind of house you’d only leave if you had too. Asking price is something over $5 million AUS. In other words, it’s a steal. Anyone? For more photos click the link.
[Link: Unique Estates via Property Observer]
by The Editors on August 30, 2013
by The Editors on August 16, 2013
The Billabong Pro Tahiti is on at Teahupo’o and the boys got down to business and through four heats of Round 2 before shutting down for the day. Kelly Slater worked his usual magic and slipped directly into Round 3 by patiently waiting until the final 15 seconds of his Round 1 Heat 5 matchup against fellow American’s Ian Walsh and Brett Simpson.
“I was kind of lucky that one even came in the end,” Slater said. “I blew the best wave of the heat and lost my fins. I had the line I wanted and just lost my fins on the foam-ball and was too far behind to catch up. Brett (Simpson) had a few opportunities and paddled too wide. My waves weren’t that great and I was just trying to make things happen.”
The contest resumes today at 10:00 AM PST (7:00 AM Tahiti time). For the official word (including the rest of the Round 2 match -ups) from the ASP, please follow the jump. [click to continue…]
by The Editors on July 16, 2013
The list of large changes on the memo Billabong released today (July 16, 2013) is almost too long for one headline. That’s probably why they just listed four in order. Refinancing of Syndicated Debt Facilities, Sale Of Dakine, Appointment of New CEO, and New Director Appointments. How’s that for a mouthful?
Concurrent with signing the Bridge Facility, the Company has entered into binding documentation regarding the sale of DaKine to Altamont for a purchase price of A$70m (“Asset Sale”). The transaction is subject to conditions precedent which are typical for a transaction of this type. The sale is also conditional on the completion of the funding under the Bridge Facility.
In other words, Launa Inman is out as CEO (after a tumultuous 14 months), former Oakley CEO Scott Olivet is in, and Altamont Capital is now running the show. Thanks to their debt bailout (aka “Bridge Facility”) Altamont also gets to name two people (Altamont co-founders Jesse Rogers and Keoni Schwartz (hello Stanford, Harvard and Princeton)) to the Billabong board of directors. And the best part? They didn’t even have to buy the company. For most of the official details from Billabong, follow the jump or click here to get Jeff Harbaugh’s take on it all. [click to continue…]
by The Editors on June 27, 2013
More bad news for Billabong? Is that possible? According to a story in The Australian, it is.
Following this week’s moves by the company to reassure investors that its refinancing plans were progressing, reports have emerged that HSBC and Commonwealth Bank have offloaded about $85 million worth of Billabong’s debt. . . The surprise sales are understood to have occurred at prices 15 per cent to 20 per cent lower than the debt’s face value, with the buyers understood to include illiquid asset specialist Hong Kong-based SC Lowy and Bank of America Merrill Lynch, an existing member of the lending syndicate.
So wait, you’re saying the smart money is leaving Billabong?
[Link: The Australian]
