Boart Longyear secures credit facility

Company News

by Lee Brooks

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.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.