Drilling services company Boart Longyear Ltd
(ASX:BLY) says it has reached an agreement with a syndicate of banks to refinance and extend the company’s existing credit facilities at a lower level.
These facilities currently total $850 million U.S.
Boart says due to certain conditions that need to be met, the company is unable to give any assurances as to when or if a refinancing and extension will be consummated.
The financial institutions that make up the banking syndicate include Bank of America, N.A, National Australia Bank, The Royal Bank of Scotland, BNP PARIBAS, HSBC Bank Australia, the Commonwealth Bank and ANZ.
Boart says its goal is to complete the refinancing or extension before the end of 2009. Boart Longyear’s 2008 net profit was US$156.7 million.
