Ulladulla will play host to the fifth, and final, round of the Fantastic Noodles South Coast Regional Junior Surfing Titles this weekend.

Having seen four explosive rounds so far, the region’s junior surfing stars will be on hand this weekend to cement individual qualification for the Arnette NSW Junior Titles – to take place at Forster in July.

Great conditions and excellent waves are forecast for this weekend, as a fresh south swell looks set to hit Ulladulla, providing the perfect backdrop for some amazing performances.

With a host of places still up for grabs, the action will no doubt be electric.

Surfwear retailer Billabong will cut its debt and improve its working capital position after raising $291 million from institutions and retail investors in a rights issue.

Billabong spokesman John Moffat today declined to specify how much of the proceeds from the oversubscribed rights issue would be applied to its $650 million of net debt.

“There were a number of options with the cash, and they included paying down some existing debt and generally extra cash for general working capital requirements,” he said.

In May Gold Coast-headquartered Billabong said $200 million of the fresh equity would be used primarily to reduce net debt to $450 million.

Billabong’s oversubscribed 11-for-two share retail rights issue raised $61 million, with around $230 million raised from institutions.

New shares were priced at $7.50 each, and the oversubscription will prompt a 15,000 cap to the number of new shares allocated, or three times that of the shareholder’s entitlement under the rights issue.

Billabong shares were trading down 16 cents at $8.44 at 11.10am.

It may be hard to recognize Kenny G with his majestic, mossy locks slicked down into some sort of mulletous mane — but that’s him, sans saxophone, shredding the gnar in Malibu yesterday.