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Billabong Statement:

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FerdinandDaBull   Thursday, 07/18/13 08:33:17 AM
Re: FerdinandDaBull post# 138
Post # of 176 
Billabong Statement:

GOLD COAST, 18 July, 2013: On 16 July 2013, Billabong International Limited (“Billabong” or the
“Company”) announced that it had entered into agreements with entities advised by Altamont and
entities sub-advised by GSO Capital Partners1 (the credit arm of the Blackstone Group, and together
with Altamont, the “Altamont Consortium”) which will allow Billabong to immediately repay in full its
existing syndicated debt facilities. The Company has also entered into commitment letters with the
Altamont Consortium and GE Capital to provide a long term financing package for Billabong.
The Company notes various media reports of an "offer" received by the Company from Centerbridge
Partners and Oaktree Capital (the "Centerbridge/Oaktree Consortium"), the secured financiers under
the Company's syndicated debt facilities and who will be repaid in full under the transactions
announced with the Altamont Consortium.
The position is as follows:
1. The Company has received today a proposal from the Centerbridge/Oaktree Consortium.
2. This proposal was received by the Company after the Company had entered into the binding
bridge facility and DaKine sale agreement with the Altamont Consortium announced on 16
July 2013, which themselves followed an exhaustive process undertaken by the Company.
3. Prior to the Company entering into the transactions with the Altamont Consortium, the
Company made numerous requests to the Centerbridge/Oaktree Consortium to submit a
refinancing proposal. Despite those requests, the Centerbridge/Oaktree Consortium failed
to do so.
4. The proposal that has now been received from the Centerbridge/Oaktree Consortium is not
an offer that is capable of acceptance. The proposal is subject to conditions, a number of
which are incapable of satisfaction, and others which would make any refinancing far less
certain than under the Altamont Consortium transactions.
Media or investor related queries should be directed to Chris Fogarty, Group Executive Corporate
Affairs on mobile +61 420 928 824.


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