By Jackie Range
SYDNEY (Reuters) - Australia's Billabong International Ltd
The moves could help the surfwear company turn around its performance, which has been hit by slumping sales of its key brands and a costly expansion strategy since it knocked back a A$850 million ($794.71 million) private equity bid last year.
Oaktree and Centerbridge have been vying with U.S. private equity firm Altamont Capital Partners to refinance the business, with Billabong previously accepting a proposal from Altamont.
Neil Fiske, the company's new chief executive sourced by Centerbridge and Oaktree, was previously a senior adviser on retail at Canadian private equity firm Onex Corp
Centerbridge and Oaktree offered a raft of sweeteners to the Billabong board to get the deal over the line, including reducing the price Billabong's shareholders will be offered shares in a rights issue to A$0.28 a share from A$0.30.
Billabong's shares rose 7.8 percent to A$0.49 after the announcement, compared with the benchmark S&P/ASX 200 index which was up 1.2 percent.
($1 = 1.0696 Australian dollars)
(Reporting by Jackie Range; Editing by Stephen Coates)