June 8 (Reuters) - Apparel maker Quiksilver Inc (ZQK.N) said it agreed with private equity firm Rhone to take a 5-year loan of about $150 million to improve its liquidity position, and posted an adjusted quarterly profit that lagged market estimates by a cent.

Quiksilver Spring-Summer 2009

Quiksilver also entered into a written commitment with Bank of America and GE Capital, as joint lead arrangers, to refinance its existing Americas facility in the form of a new 3-year $200 million asset-based credit facility.

Quiksilver will appoint two new directors designated by Rhone to its board, and use the proceeds from the senior secured term loan to pay down debt.

Rhone will also receive detachable warrants with the right to buy about 20 percent of the future outstanding shares of Quiksilver's stock at a price of $1.86.

Quiksilver said it was targeting substantial cost reductions by the end of this fiscal year and expects earnings to be in the low-single-digit range in the third quarter. It sees third-quarter revenue falling in the mid-teens on a percentage basis compared with the year-ago quarter.

For the second quarter ended April 30, the company posted a profit, excluding items, of $6.6 million, or 5 cents a share. Analysts were looking for 6 cents a share, according to Reuters Estimates.

Shares of the Huntington Beach, California-based company were trading down 64 cents at $2.98 after the bell. They closed at $3.62 Monday 8 June on the New York Stock Exchange. (Reporting by Mihir Dalal in Bangalore; Editing by Jarshad Kakkrakandy)