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Quiksilver has paid off its remaining, high-interest Rhone debt that totaled $24.5 million.
To make this happen, the company completed a new loan agreement with Bank of America for $20 million, and used cash on hand to pay down the remaining $4.5 million, according to a company SEC filing and Bruce Thomas, Quiksilver Vice President of Investor Relations.
The good news for Quiksilver is the new loan has a much lower interest rate, 5.3%, vs. the 22% rate it was paying on the Rhone debt when all costs were included.
Bruce said the new loan also demonstrates Quiksilver is now able to get market rates in financing. That wasn’t the case last year when the company’s finances were more precarious and the financing market conditions were more difficult.
Earlier this year, Quiksilver completed a debt-for-equity swap with Rhone.