Boart Longyear tenders for up to $105 million of 10% notes due 2018

By Susanna Moon

Chicago, Sept. 22 – Boart Longyear Ltd. said its indirect wholly owned subsidiary Boart Longyear Management Pty. Ltd. began a tender offer for up to $105 million principal amount of its outstanding $300 million principal amount of 10% senior secured notes due 2018.

The cash tender will be funded with the proceeds from a new term loan entered into with affiliates of Centerbridge Partners, LP and cash on hand, according to a company press release.

The total purchase price will be $1,080 for each $1,000 principal amount of notes tendered by 5 p.m. ET on Nov. 4, the early tender date.

The total payment includes an early tender premium of $30 per $1,000 of notes.

The company also will pay accrued interest up to but excluding the settlement date.

The tender offer will end at 11:59 p.m. ET on Nov. 19.

Tendered notes may be withdrawn until the early tender date.

The tender offer is conditioned on the company borrowing enough funds to fund the offer.

Goldman Sachs & Co. (800 828-3182 or 212 902-6941 collect) is the lead dealer manager, and Moelis & Co. LLC (212 883-3800) is the co-dealer manager. D.F. King & Co., Inc. (866 406-2285 or 212 269-5550) is the information agent.

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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