Billabong International to raise $149.9 million in private placement
Billabong International Limited has agreed to raise AUD200 million ($149.9 million) by issuing new shares at AUD7.5 ($5.62) each in an institutional entitlement offer. Billabong is an Australia-based manufacturer, distributor, wholesaler, and retailer of surf, skate, snow apparel, and accessories.
The offer price represents a 29% discount to the closing price of Billabong shares on May 13, 2009 and a 26% discount to the theoretical ex-rights price (TERP). The entitlement offer will be conducted on the basis of two new Billabong ordinary shares for every 11 existing Billabong ordinary shares.
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