Boart Longyear Announces Revised Agreement to Amend Revolving Credit Facility
September 20 2013 - 4:19PM
Business Wire
Boart Longyear Limited (ASX: BLY) today announces that it has
revised its previously announced agreement to amend the terms of
its existing revolving credit facility. The revised amendments to
the revolving credit facility, when effective, will, among other
things, reduce the size of the revolving credit facility from
$450.0 million to $140.0 million, of which up to $120.0 million
will be available for borrowing in the form of revolving loans with
the remainder available for the issuance of letters of credit. The
amendments would adjust the minimum interest coverage covenant to a
ratio of 1.55 to 1.0 and would continue to include the elimination
of the maximum leverage ratio covenant and the addition of
covenants requiring maintenance of at least $30.0 million in
liquidity (defined to be unrestricted cash plus availability under
the revolving credit facility) and a minimum asset coverage
ratio.
The effectiveness of the amendments is subject to the Company’s
completion of its recently updated and priced $300.0 million debt
offering and the application of the net proceeds of that offering
to substantially pay down loans outstanding under the revolving
credit facility, as well as customary closing conditions.
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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