Allens has advised Australian surfwear company Billabong International Ltd. on a refinancing deal struck with U.S. private equity companies Centerbridge Partners and Oaktree Capital Management.

Centerbridge and Oaktree will provide Billabong with a $360 million loan, while also purchasing $127 million in shares from the Gold Coast-based company. At the same time, Billabong will issue 29.6 million in options to the private equity firms, as well as do a $47 million rights issue to shareholders other than Centerbridge and Oaktree.

The deal offers Billabong much-needed financing following an $810 million after-tax loss in the last fiscal year ended in June. The company has struggled against the strong Australian dollar, store closures, and a loss of brand power, with the value of the Billabong name last month written down to zero.

Billabong had been seeking a deal to bolster its financial position for the past year and a half, most recently taking a loan from Altamont Capital Partners, before striking a deal with Centerbridge and Oaktree.

Allens team on the deal was led by Sydney finance partners Alex Maxton and Renee Boundy, mergers and acquisitions partners Guy Alexander and Vijay Cugati, and restructuring partner Richard Harris.

Gilbert + Tobin Sydney partners Dominic Emmett, David Clee, and Simon Lynch, as well as Perth partner Sarah Turner, advised Centerbridge and Oaktree on Australian law matters. Paul, Weiss , Rifkind, Wharton & Garrison acted for the companies on U.S. law.

Email: tbrennan@alm.com.