Boart Longyear restructures, talks $300 million five-year notes to yield 10% area; pricing Friday

By Paul A. Harris

Portland, Ore., Sept. 20 - Boart Longyear Management Pty Ltd. talked a restructured $300 million offering of non-callable five-year senior secured notes to yield in the 10% area, a market source said on Friday.

Pricing is expected by the end of the day on Friday.

The deal was launched as 300,000 of $1,000 units comprised of $867 senior secured notes and $133 unsecured notes. However the unsecured portion of the deal was withdrawn, with the proceeds rolled into the remaining senior secured tranche, rendering it a straight-out bond deal rather than a units offering.

J.P. Morgan Securities LLC, BofA Merrill Lynch and Goldman Sachs & Co. are the joint bookrunners for the Rule 144A and Regulation S for life deal.

PNC Capital Markets LLC, U.S. Bancorp Investments Inc. and HSBC Securities (USA) Inc. are the co-managers.

Ten percent of the notes are callable annually at 103 for the first three years, but the notes are otherwise non-callable.

The South Jordan, Utah-based maker of drilling and mining equipment plans to use the proceeds to pay down its revolver.

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