Boart Longyear Announces $300 Million Debt Offering

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Boart Longyear Announces $300 Million Debt Offering

SALT LAKE CITY--(BUSINESS WIRE)-- Boart Longyear Limited (ASX: BLY) ("Boart Longyear") today announces the intention of its wholly owned subsidiary, Boart Longyear Management Pty Limited (the "Issuer"), to offer, subject to market and other conditions, 300,000 units (the "Units"), with each Unit consisting of US$867.00 Senior Secured Notes due 2018 in an aggregate principal amount equal to US$260.1 million (the "Secured Notes") and US$133.00 Senior Unsecured Notes due 2018 in an aggregate principal amount equal to US$39.9 million (the "Unsecured Notes"), for a total offering of US$300.0 million. The Units are being offered in a private offering to qualified institutional buyers in the United States pursuant to Rule 144A under the United States Securities Act of 1933, as amended (the "Securities Act"), and to certain persons outside the United States in offshore transactions in reliance on Regulation S under the Securities Act.

The Secured Notes and Unsecured Notes will be guaranteed by Boart Longyear Limited and certain of its subsidiaries (other than the Issuer). The Secured Notes will be secured by a first-priority lien on substantially all of the Issuer's and the guarantors' tangible and intangible assets, including the outstanding capital stock held by Boart Longyear, the Issuer and the guarantors, and by certain owned real property and will also be secured by a second-priority lien on substantially all of the issuer's and the guarantors' accounts receivable, inventories, cash and related proceeds.


The net proceeds of the offering will to be used to pay down outstanding borrowings under Boart Longyear's revolving credit facility and to pay fees and expenses related to the Units offering.

This notice does not constitute an offer to sell, or the solicitation of an offer to buy, the Units or any other securities. Any offers of the Units will be made only by means of a private offering circular. The Units are not being registered under the Securities Act, or the securities laws of Australia or any other jurisdiction. The Units may not be offered or sold in the United States without registration under the Securities Act or an applicable exemption from such registration requirements.

About Boart Longyear

With over 120 years of expertise, Boart Longyear is the world's leading provider of drilling services, drilling equipment, and performance tooling for mining and drilling companies globally. It also has a substantial presence in aftermarket parts and service, energy, mine de-watering, oil sands exploration, and production drilling.

The Global Drilling Services division operates in over 40 countries for a diverse mining customer base spanning a wide range of commodities, including copper, gold, nickel, zinc, uranium, and other metals and minerals. The Global Products division designs, manufactures and sells drilling equipment, performance tooling, and aftermarket parts and services to customers in over 100 countries.

Boart Longyear is headquartered in Salt Lake City, Utah, USA, and listed on the Australian Securities Exchange in Sydney, Australia. More information about Boart Longyear can be found at www.boartlongyear.com. To get Boart Longyear news direct, visit http://www.boartlongyear.com/rssfeed.



Boart Longyear Limited
Monika Portman,+1 801-952-8451
Director, Corporate Communications
monika.portman@boartlongyear.com

KEYWORDS:   Australia  United States  North America  Australia/Oceania  Utah

INDUSTRY KEYWORDS:

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