Pursuits
HSBC Sells Billabong’s Syndicated Loan to SC Lowy at Discount
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Billabong International Ltd., the Australian surfwear company seeking to refinance debt after takeover talks ended, lost HSBC Holdings Plc as a syndicated lender after the bank sold a portion of a loan to a specialized investment firm, according to a person familiar with the matter.
HSBC sold about $20 million of multicurrency debt at a discount of about 20 percent to par to SC Lowy Financial HK Ltd., the person said, asking not to be identified because the details are private. The person wouldn’t say whether Hong Kong-based SC Lowy, which focuses on illiquid assets, bought the loan for its proprietary account or on behalf of a client.