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The story quoted an unnamed market source.
I decided to contact Billabong corporate headquarters in Australia to see if the story was true. I'm glad I did.
Corporate Communications Manager John Mossop said Billabong, like most companies, considered a wide range of options when it came time to update its financing agreements.
In July, the company refinanced and extended its financing agreements and secured a total of $700 million (Australian dollars) in borrowing facilities, he said.
The company now has a A$600 million, multi-currency credit arrangement. Westpac Institutional Bank and Commonwealth Bank of Australia were the lead arrangers of the loan, and four domestic and international banks are also providing financing.
Separately, Billabong established an A$100 million, mulit-currency overdraft arrangement with HSBC for two years.
The two credit arrangements replace Billabong Group's existing credit facilities, Mossop said.