Boart Longyear Limited
(ASX:BLY) has completed a $US300 million secured notes offering and plans to use the proceeds to pay down loans outstanding under its revolving credit facility.
The group says its wholly owned subsidiary Boart Longyear Management Pty Ltd has completed the previously announced notes offering to qualified institutional buyers.
The notes will pay interest at a rate of 10 per cent a year.
The company is restricted from getting further in to debt or paying dividends under the arrangement.
Boart Longyear booked a net loss of $355 million in the first half of fiscal 2013.
