SYDNEY — Billabong International Ltd shares rallied Tuesday afternoon on news that the company is progressing in refinancing talks with its two most recent failed takeover suitors — Sycamore Partners and Altamont Capital Partners.
The Burleigh Heads, Queensland-based surfwear manufacturer said Tuesday that “refinancing and asset sale discussions are well advanced with both parties.”
Billabong’s shares rose 46.15 percent on Tuesday to end the session at 19 Australian cents, or $0.18.
In the same June 4 announcement, Billabong revealed that it was considering proposals from Sycamore Partners and Altamont Capital Partners for alternative refinancing, the proceeds of which would be used to repay in full Billabong’s existing debt — 286 million Australian dollars as of December 2012, or $264 million at current exchange.
Billabong has previously announced it is exploring the sale of 70-unit Canadian surf chain West 49, which it purchased in June 2012 for 99 million Canadian dollars, or $97 million, at June 2012 exchange — when the chain boasted 138 stores.
Earlier this month Craig Woolford, a senior analyst at Citigroup Australia, estimated that the RVCA brand, which Billabong acquired in 2010 for an undisclosed sum, could be sold for 50 million Australian dollars, or $46 million, while three brands — Billabong, RVCA and DaKine — could fetch a combined 110 million Australian dollars, or $101 million.
“There is no guarantee that binding documentation acceptable to Billabong will be agreed with either Altamont or Sycamore in relation to the potential Refinancing transaction," Billabong said Tuesday.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty