Quiksilver gets $150M term loan

Quiksilver Inc., which makes outdoor clothing and equipment, said Monday it received a $150 million, five-year term loan from private equity firm Rhone.

Quiksilver said the deal will allow it to refocus its attention on its core Quiksilver, Roxy and DC brands and improving profitability.

As part of the deal Quiksilver will appoint two directors designated by Rhone to its board.

Quiksilver also refinanced its credit facility in the form of a new three-year, $200 million asset-based facility from Bank of American and GE Capital.

The news came as the Huntington Beach, Calif.-based company said it swung to a first-quarter profit, though sales fell 17 percent to $494.2 million.