Boart Longyear Limited (ASX:BLY)
says it has secured a US$20 million credit facility from Centrebridge Partners, its largest equity and debt investor.
The money will provide extra financial resources to support ongoing restructuring discussions with the company’s lenders and provide working capital for the first quarter needs.
The facility is a delayed draw term loan facility secured by US$50 million of drilling rigs in the US, Canada and Australia.
The mine drilling company has seen its share price plunge from $4 in 2012 to just over ten cents at the start of 2016.
Boart Longyear made a net loss of $98.57 million to the end of June 2016.