Outdoor financials: Quiksilver prices private offering, plus Crocs
Quiksilver set the pricing of its previously announced offering by its wholly owned European subsidiary, Boardriders, at EUR 200 million, and Crocs Chairman Richard Sharp has been granted a leave of absence from the board for “personal reasons.”
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Quiksilver prices private offering
Quiksilver (NYSE: ZQK) said it set the pricing of its previously announced offering by its wholly owned European subsidiary, Boardriders, at EUR 200 million (USD $266 million) aggregate principal amount of its 8.875% Senior Notes due 2017. The notes will be issued at 100 percent of their face value.
The notes will be general senior obligations of Boardriders and guaranteed on a senior basis by Quiksilver and certain of its subsidiaries. The offering is expected to close on Dec. 10, 2010.
Quiksilver said it’ll use proceeds to refinance EUR 190 million (USD $253 million) in existing European term loans and to pay related fees and expenses.
Crocs chairman granted leave of absence
Crocs Chairman Richard Sharp has been granted a leave of absence from the board for “personal reasons,” according to Crocs (Nasdaq: CROX) filing with the SEC.
Crocs did not indicate how long the leave will last or disclose any other information about it. Thomas Smach, an independent board director, will fill in as acting chairman, Crocs said.
Sharp has been Crocs’ chairman since 2005. He is a former CEO and president of Circuit City Stores.
–Compiled by Wendy Geister
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