Quiksilver has completed an exchange offer for the debt of its European Boardriders subsidiary. It has managed to exchange 91.1 percent of Boardriders' outstanding €200 million worth of 8.875 percent senior notes, due in 2017, with a combination of cash and new 9.5 percent senior notes, due in 2020. Boardriders will issue an aggregate amount of €136.5 million for the new 2020 notes. The deal puts an end to Quiksilver's refinancing process, reducing its debt from over $800 million to less than $250 million, says the group, while boosting its liquidity. Moody's has given a Caa1 rate to the new 2020 notes, while confirming its Caa2 rating for the older 2017 notes.

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