Billabong completes refinancing and sale of Dakine brand

Billabong International Ltd.has finalised a new refinancing,

as well as the sale of its Oregon-based outdoor accessories brand Dakine to Altamont Capital Partners for 64.5 million dollars.

The Australian surf wear company announced earlier this month it had struck a deal with joint-venture comprehended of private equity firm Altamont Capital Partners and GSO Capital Partners on a 294 million dollars bridge loan.

The agreement announced last week ended a period of uncertainty for the action-sports apparel maker and retailer, which has seen multiple purchase offers as the company looked to roll out a turnaround strategy amid a rugged business environment.

Billabong's shares were down about 4 percent in early trading Tuesday in Australia, where the company is traded on the Australian Securities Exchange. Billabong had a recent market value of about 185.08 million dollars.