Moody's rates Ausdrill notes Ba3

Moody's Investors Service said it assigned a Ba2 corporate family rating to Ausdrill Ltd.

At the same time, Moody's assigned a provisional Ba3 senior unsecured rating to the proposed $300 million Rule 144A notes to be issued by Ausdrill Finance Pty Ltd, a 100% owned and guaranteed subsidiary of Ausdrill.

The outlook is stable.

The proceeds of the issuance will be used mainly to repay existing debt and fund the acquisition of Best Tractor Parts.

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