The ratings agency said it would review the Caa1 corporate rating of Boardriders on its 9.5% senior notes due 2020 because of its pending merger with Billabong, noting that the transaction combines two premier action sports companies with overlapping product offerings and geographic footprints that could drive “material cost savings over time.” It also liked the terms of the transaction, noting that the enterprise value of A$380 million is about 7.4 times BBG’s projected EBITDA. The transaction is expected to ... Log in to view full article.