Surfing retailer, Billabong, has entered into a new US$100m asset-based credit facility with Bank of America Merrill Lynch (BAML).

The agreement replaces the GE Capital facility entered by the retailer in 2013 and has a five-year term. The deal includes its assets in both Europe and New Zealand for the first time.

“Today’s agreement with BAML is another important step in implementing our group-wide operational and financial strategy,” said Peter Myers, Billabong CFO. “The  new facility and the strength of the BAML relationship is a reflection of the progress we are making.”

Linda Jahnke, senior VP, Bank of America, Merrill Lynch, said it was pleased to expand its relationship with the surfing retail giant.

“Given the bank’s international footprint and breadth of financial capabilities, this new facility is a good fit for Billabong’s global operations.

“We look forward to supporting their continued growth.”

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