Boart Longyear Announces $300 Million Debt Offering
September 11 2013 - 4:55PM
Business Wire
Boart Longyear Limited (ASX: BLY) (“Boart Longyear”) today
announces the intention of its wholly owned subsidiary, Boart
Longyear Management Pty Limited (the “Issuer”), to offer, subject
to market and other conditions, 300,000 units (the “Units”), with
each Unit consisting of US$867.00 Senior Secured Notes due 2018 in
an aggregate principal amount equal to US$260.1 million (the
“Secured Notes”) and US$133.00 Senior Unsecured Notes due 2018 in
an aggregate principal amount equal to US$39.9 million (the
“Unsecured Notes”), for a total offering of US$300.0 million. The
Units are being offered in a private offering to qualified
institutional buyers in the United States pursuant to Rule 144A
under the United States Securities Act of 1933, as amended (the
“Securities Act”), and to certain persons outside the United States
in offshore transactions in reliance on Regulation S under the
Securities Act.
The Secured Notes and Unsecured Notes will be guaranteed by
Boart Longyear Limited and certain of its subsidiaries (other than
the Issuer). The Secured Notes will be secured by a first-priority
lien on substantially all of the Issuer’s and the guarantors’
tangible and intangible assets, including the outstanding capital
stock held by Boart Longyear, the Issuer and the guarantors, and by
certain owned real property and will also be secured by a
second-priority lien on substantially all of the issuer’s and the
guarantors’ accounts receivable, inventories, cash and related
proceeds.
The net proceeds of the offering will to be used to pay down
outstanding borrowings under Boart Longyear’s revolving credit
facility and to pay fees and expenses related to the Units
offering.
This notice does not constitute an offer to sell, or the
solicitation of an offer to buy, the Units or any other securities.
Any offers of the Units will be made only by means of a private
offering circular. The Units are not being registered under the
Securities Act, or the securities laws of Australia or any other
jurisdiction. The Units may not be offered or sold in the United
States without registration under the Securities Act or an
applicable exemption from such registration requirements.
About Boart Longyear
With over 120 years of expertise, Boart Longyear is the world’s
leading provider of drilling services, drilling equipment, and
performance tooling for mining and drilling companies globally. It
also has a substantial presence in aftermarket parts and service,
energy, mine de-watering, oil sands exploration, and production
drilling.
The Global Drilling Services division operates in over 40
countries for a diverse mining customer base spanning a wide range
of commodities, including copper, gold, nickel, zinc, uranium, and
other metals and minerals. The Global Products division designs,
manufactures and sells drilling equipment, performance tooling, and
aftermarket parts and services to customers in over 100
countries.
Boart Longyear is headquartered in Salt Lake City, Utah, USA,
and listed on the Australian Securities Exchange in Sydney,
Australia. More information about Boart Longyear can be found at
www.boartlongyear.com. To get Boart Longyear news direct, visit
http://www.boartlongyear.com/rssfeed.
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