US: Quiksilver exchanges debt for shares
By just-style.com | 10 August 2010
Apparel company Quiksilver has moved to de-leverage its balance sheet by exchanging US$140m of its debt for a stake in the business.
Quiksilver said it had agreed to give Rhône 31.1m shares of its common stock, priced at $4.50 per share, in exchange for $140m of the outstanding principal amount of its senior secured term loans.
Shareholders voted “overwhelmingly” in favour of the move at a special meeting on 6 August, the company said.
“We’re delighted to complete this debt for equity exchange as another important step toward further de-leveraging our balance sheet,” said Robert McKnight Jr, Quiksilver chairman, CEO and president.
“The transaction provides us with additional operating and financial flexibility.”
Companies: Quiksilver
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