Altamont Provides Approximately AUD$395M in Financing for Billabong
Ropes & Gray represented Altamont Capital Partners in its agreement with Billabong International Limited to provide bridge financing, in conjunction with GSO Capital, of AUD$325 million to Billabong. In addition, Billabong will sell DaKine, its backpack and outerwear brand, to Altamont for AUD$70 million. Altamont and GSO will receive options to purchase a 15 percent stake in Billabong (which may be increased to 40 percent as part of a long-term financing package) and Altamont will be permitted to nominate two representatives to the board of Billabong.
The Ropes & Gray team was led by San Francisco private equity and mergers & acquisitions partner Todd Boes and included New York finance partners Steve Rutkovsky and Alexander Zeltser, Boston tax & benefits partner Elaine Murphy, and San Francisco private equity and mergers & acquisitions associate Jason Freedman.