Ausdrill intends to sell $500 million seven-year senior notes

By Paul A. Harris

Portland, Ore., May 2 – Ausdrill Finance Pty Ltd. is heard to be in the market with a $500 million offering of seven-year senior notes (Ba2/BB), a market source said on Thursday.

Goldman Sachs, Deutsche Bank, Standard Chartered and HSBC are joint bookrunners for the Rule 144A and Regulation S offering.

The notes come with three years of call protection.

The Australia-based provider of natural resource exploration services plans to use the proceeds to redeem all $350 million of the outstanding senior secured notes due 2022 issued by its wholly owned subsidiary, Barminco Finance Pty Ltd.

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