Lululemon Billionaire Pledges Stock for $500 Million in Loans

Lululemon Athletica Inc. founder Chip Wilson pledged shares in return for cash for the third time in just over a year, freeing the billionaire to spend on other matters and maintain his voting influence over the yogawear-maker he founded nearly three decades ago.

Wilson now has access to more than $500 million from different banks without having to sell stock.

Last week, Royal Bank of Canada agreed to lend Wilson as much as $315 million, partly backed by Lululemon shares, according to an Aug. 11 regulatory filing. That deal followed an arrangement with Citigroup Inc., signed in January, ...