Boart Longyear to repay loan with share issue

By Steve Skinner24 September 2009

Boart Longyear shareholders have approved the conditional placement of over 850 million shares in a bid to raise US$ 193 million.

The proceeds from the placement, which is due to settle on 28 September, along with the net proceeds of a previous institutional entitlement offer, retail entitlement offer and unconditional placement will be used to repay the company's US$ 585 million loan A, which matures in April 2010.

Boart Longyear intends to offer all eligible shareholders in Australia and New Zealand the opportunity to participate in a share purchase plan (SPP), details of which are yet to be released.

Latest News
US$8 billion transport investment by EU
EU to make available €7 billion for transport infrastructure projects, including deployment of alternative fuels infrastructure
Magni opens new facility in Texas
Located in Pasadena, TX, the new Magni location will serve as the company’s main spare parts and machine distribution facility for North America
Zoomlion exports China’s largest crawler crane
Export of the ZCC32000 crane is the third time Zoomlion has broken the record for the highest capacity crane exported from China