...+ U.S. surfwear and skateboarding apparel maker Boardriders Inc. has agreed to acquire its Australian competitor Billabong International Ltd. for about AUD$380 million. The company will use proceeds from a $150 million asset-backed loan (ABL) revolving credit facility of which $50 million will be outstanding at close, and a $450 million first-lien term loan along with proceeds from Oaktree's equity rollover and equity conversion to fund the purchase price and refinance existing debt at Billabong and Boardriders. + The acquisition will enhance the company's scale and provide for meaningful cost synergies in our view, allowing the company to strengthen its margins, credit ratios, and cash flow generation. + We are raising our corporate credit rating on Boardriders to 'B-' from '###+'. Concurrently, we are assigning a 'B-' issue-level rating with a '3' recovery rating to Boardriders' proposed $450 million first-lien term loan. + The outlook is stable, reflecting our expectation that Boardriders...
