Provider of drilling services, capital equipment and consumable products, Boart Longyear Ltd
(ASX:BLY) says it has raised approximately $187 million through the retail component of its one for one accelerated non-renounceable pro-rata entitlement offer.
The company says it received applications for approximately 258.1 million new shares including applications from eligible retail shareholders under the retail entitlement offer for 38 million new shares in excess of their entitlements.
Boart says the shortfall in the retail entitlement offer is approximately $117.5 million which represents 435.2 million new shares.
Boart says the funds raised, together with those from the other components of the offer would be used to repay existing debt.
Following the offer the company says its pro-forma net debt as at June 30 2009 is expected to be US$166 million.
Boart Longyear posted a profit of US$156.7 million in 2008.
