Billabong International Ltd has completed the refinancing deal struck with Altamont, as well as the sale of its DaKine business to the suitor, in spite of an appeal by snubbed US hedge funds to the Takeovers Panel.
Under the deal announced last week, the private equity firm has taken a stake of up to 40% of the group in exchange for $325 million in debt refinancing (see Roger Montgomery's Billabong poised for a turnaround). Billabong's board has sold the bag and outerwear business, Dakine, to Altamont for $70 million.
In a statement to the Australian Securities Exchange, Billabong said the bridge facility was drawn down last Friday and binding documentation for the DaKine sale had been executed.
The news comes despite the Takeovers Panel launching a probe into the battle for control of Billabong, following an appeal by US hedge funds Centerbridge Partners and Oaktree Capital, who said the Altamont deal was anti-competitive and coercive.