HUNTINGTON BEACH, Calif.–(BUSINESS WIRE)–Quiksilver, Inc. and its wholly-owned European subsidiary, Boardriders
S.A. (“Boardriders”), today announced the final results of their
Exchange Offer to exchange the €200,000,000 of Boardriders’ outstanding
8.875% Senior Notes due 2017 for a combination of new Boardriders 9.500%
Senior Notes due 2020 and cash.
The Exchange Offer expired at midnight CET on March 9, 2016. At
expiration, based on the final count by the exchange agent, Deutsche
Bank, €182,204,000 in aggregate principal amount of the Existing Notes (or
approximately 91.1% of the Existing Notes) had been tendered
pursuant to the Exchange Offer. Based on the results of the Exchange
Offer, Boardriders will issue €136,484,000 in aggregate principal amount
of the New Senior Notes due 2020.
“The final results of this Exchange Offer were in line with our
expectations and represent the final step of a successful
restructuring,” said Pierre Agnes, Chief Executive Officer of
Quiksilver. “We are pleased to have completed this final piece of
financing which has positioned Quiksilver on the right path with a
strong balance sheet as we look to the future. Through the restructuring
process and the Exchange Offer we have reduced the Company’s debt
balance from over $800 million to less than $250 million, a reduction of
over $550 million. We have also bolstered the Company’s liquidity
position, extended the maturity of the majority of our debt to 2020, and
exited many onerous contracts that had historically burdened the
Settlement of the Exchange Offer is expected to occur on March 14, 2016.
On the Settlement Date, the Exchange Agent will issue the New Notes and
pay the cash amounts due.
Quiksilver, Inc., one of the world’s leading outdoor sports lifestyle
companies, designs, produces and distributes branded apparel, footwear
and accessories. The Company’s apparel and footwear brands, inspired by
a passion for outdoor action sports, represent a casual lifestyle for
young-minded people who connect with its boardriding culture and
heritage. The Company’s Quiksilver, Roxy, and DC brands have authentic
roots and heritage in surf, snow and skate. The Company’s products are
sold in more than 100 countries in a wide range of distribution,
including surf shops, skate shops, snow shops, its proprietary
Boardriders shops and other Company-owned retail stores, other specialty
stores, select department stores and through various e-commerce channels.
For Quiksilver, Inc.
Young and Christine Beggan
+1 203 682 8200