Boart Longyear gets new $225 million loan, buys back 10% secured notes

By Jennifer Chiou

New York, Feb. 3 – Boart Longyear Ltd. announced that it has obtained $225 million of new loan financing provided by Centerbridge Partners, LP, the proceeds of which were used to refinance the company’s existing revolving credit facility and repurchase its 10% senior secured notes due 2018.

According to a news release, the moves were part of the completion of a comprehensive recapitalization plan.

The recapitalization transactions were supported by Boart Longyear's shareholders in December and strengthen the company's balance sheet, provide greater liquidity and improve the company's financial flexibility to support current operations and long-term growth, the release added.

The company stated that the new financing package has eliminated strict covenants associated with its prior revolving credit facility.

Boart Longyear is a Salt Lake City-based provider of drilling services and drilling products for mining and mineral drilling companies.

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