Quiksilver Announces Final Results of Boardriders Notes Exchange Offer

HUNTINGTON BEACH, Calif.--()--Quiksilver, Inc. and its wholly-owned European subsidiary, Boardriders S.A. (“Boardriders”), today announced the final results of their Exchange Offer to exchange the €200,000,000 of Boardriders’ outstanding 8.875% Senior Notes due 2017 for a combination of new Boardriders 9.500% Senior Notes due 2020 and cash.

“The final results of this Exchange Offer were in line with our expectations and represent the final step of a successful restructuring”

The Exchange Offer expired at midnight CET on March 9, 2016. At expiration, based on the final count by the exchange agent, Deutsche Bank, €182,204,000 in aggregate principal amount of the Existing Notes (or approximately 91.1% of the Existing Notes) had been tendered pursuant to the Exchange Offer. Based on the results of the Exchange Offer, Boardriders will issue €136,484,000 in aggregate principal amount of the New Senior Notes due 2020.

“The final results of this Exchange Offer were in line with our expectations and represent the final step of a successful restructuring,” said Pierre Agnes, Chief Executive Officer of Quiksilver. “We are pleased to have completed this final piece of financing which has positioned Quiksilver on the right path with a strong balance sheet as we look to the future. Through the restructuring process and the Exchange Offer we have reduced the Company’s debt balance from over $800 million to less than $250 million, a reduction of over $550 million. We have also bolstered the Company’s liquidity position, extended the maturity of the majority of our debt to 2020, and exited many onerous contracts that had historically burdened the business.”

Settlement of the Exchange Offer is expected to occur on March 14, 2016. On the Settlement Date, the Exchange Agent will issue the New Notes and pay the cash amounts due.

About Quiksilver

Quiksilver, Inc., one of the world’s leading outdoor sports lifestyle companies, designs, produces and distributes branded apparel, footwear and accessories. The Company’s apparel and footwear brands, inspired by a passion for outdoor action sports, represent a casual lifestyle for young-minded people who connect with its boardriding culture and heritage. The Company’s Quiksilver, Roxy, and DC brands have authentic roots and heritage in surf, snow and skate. The Company’s products are sold in more than 100 countries in a wide range of distribution, including surf shops, skate shops, snow shops, its proprietary Boardriders shops and other Company-owned retail stores, other specialty stores, select department stores and through various e-commerce channels.

Contacts

U.S. Media
For Quiksilver, Inc.
Julia Young and Christine Beggan
+1 203 682 8200
quiksilver@icrinc.com