SYDNEY, Australia - Shares in Australian surfwear company Billabong International Ltd surged as much as 34 percent on Wednesday, a day after the company said it will sell its Dakine clothing and accessories brand and jettison Chief Executive Launa Inman as part of a A$395 million refinancing deal.

Billabong said on Tuesday it was issuing former private equity suitor Altamont Capital Partners share options for 15 percent of the company in exchange for a A$325 million bridging loan facility. Altamon will also acquire the Dakine business for A$70 million.

Billabong's shares, which had lost 75 percent of their value in the past year, were at A$0.33 shortly after the market open.