AUSTRALIA: Billabong completes A$291m capital raising
Author: just-style.com | 16 June 2009
Surfwear company Billabong has completed its A$291m (US$233m) capital raising programme after the retail component of the offer closed well over-subscribed.
The institutional component of the offer raised A$230m, with the retail part of the deal adding A$61m to that figure, Billabong said.
"The company is extremely pleased with the positive response and ongoing support from its institutional and retail shareholders," said Billabong chairman Ted Kunkel.
"The proceeds from the entitlement offer will further improve Billabong's balance sheet and provide greater flexibility for the company."
Last month, Billabong downgraded its full-year profit estimates after the recession impacted its sales in the US.
Sectors: Apparel, Finance, Retail
Companies: Billabong
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