Boart Longyear Ltd

Type: Company
Name: Boart Longyear Ltd
First reported 8 hours ago - Updated 6 hours ago - 2 reports

Share race: Boart catapults laggard into top spot

InvestingAmid the wildest market swings this year fund manager John Aldersley leapt from seventh to top spot, with one week of our race to go.Yours truly was dispatched to fourth place while  Financial Review  colleague Phil Baker is in second spot but ... [Published Moneymanager - 6 hours ago]
First reported Oct 23 2014 - Updated Oct 24 2014 - 3 reports

Rescue finance for Boart Longyear

US-based private equity company Centerbridge Partners has announced up to US$ 352 million in loans and new equity for Boart Longyear. The recapitalisation plany is expected to liquidity at the drilling equipment manufacturer and drilling services company ... [Published KHL Group - Oct 24 2014]
First reported Oct 23 2014 - Updated Oct 24 2014 - 2 reports

The Morning Leverage: North Bridge Makes Ingenious Investment

From this morning’s LBO Wire:North Bridge Growth Equity wants to put that new iPad Air 2 to work in the health-care field. Amy Or reports that the private equity firm has invested in the not-so-humbly-named Ingenious Med Inc. , which provides a cloud-based, ... [Published ACQ Magazine - Oct 24 2014]
First reported Oct 24 2014 - Updated Oct 24 2014 - 1 reports

Boart Longyear strategic review with Goldman Sachs to restructure debt

Boart Longyear, the world's largest supplier of drill rigs to the mining sector, signed a deal with its biggest shareholder to restructure debt and raise equity.The company expects the plan to increase total liquidity to around $US240m, with net debt ... [Published Mining & Quarry World - Oct 24 2014]
First reported Oct 24 2014 - Updated Oct 24 2014 - 1 reports

Today's Market View Including Beowulf Mining plc, Peak Resources, DiamondCorp, Boart Longyear and others

() receives $352m bail out• has been rescued by its major shareholder Centerbridge Partners.• The restructuring adds $225m in new term loans and up to $127m in new equity.• We have heard of drilling rates offered as low as US$29 per meter in northern ... [Published Proactive Investors.co.uk - Oct 24 2014]
First reported Oct 24 2014 - Updated Oct 24 2014 - 1 reports

Stockwatch to Oct 24

A round-up of some of the key stock movements on the Australian Stock Exchange (ASX) in the trading week to Friday, Oct 24, 2014:AGO - ATLAS IRON - down one cent, or 2.7 per cent, at 36 centsAtlas Iron is embarking on a cost cutting drive in the face ... [Published TheBull.com.au - Oct 24 2014]
First reported Oct 24 2014 - Updated Oct 24 2014 - 1 reports

FN Arena Broker Call Headlines - 24 Oct 2014

- LEIGHTON HOLDINGS LIMITED UBS rates as Sell (5) - The company has reiterated guidance, reporting profit of $470m for the nine months to September, up 21%. UBS notes the improvement was driven by margin with revenues relatively flat.Management reported ... [Published NineMSN Finance - Oct 24 2014]
First reported Oct 23 2014 - Updated Oct 23 2014 - 17 reports

Boart Longyear Enters into a Recapitalization Transaction with Centerbridge Partners, Successfully Completing Strategic Review

Boart Longyear Limited (ASX: BLY), a leading global supplier of drilling services, drilling equipment and performance tooling for mining and drilling companies, has entered into an agreement with Centerbridge Partners,Click to Continue » ... [Published Fort Mills Times - Oct 23 2014]
First reported Oct 23 2014 - Updated Oct 23 2014 - 1 reports

Local share market ends lower after modest fall

The local share market has ended down for the first time in eight sessions, though it was a very modest fall.A slightly better than expected Chinese manufacturing report helped the market take back most of its early losses.For much of trade the market ... [Published ABC Online - Oct 23 2014]
First reported Oct 23 2014 - Updated Oct 23 2014 - 2 reports

Stocks to watch at close on Thursday (AAP)

Stocks to watch at close on Thursday - The West AustralianStocks to watch on the Australian stock exchange at the close on Thursday:AGK - AGL ENERGY - down 12 cents, or 0.9 per cent, at $13.59Energy giant AGL has warned NSW faces a gas shortage within ... [Published West Australian - Oct 23 2014]
First reported Oct 23 2014 - Updated Oct 23 2014 - 3 reports

Boart Longyear does $401m private equity bailout deal

Troubled mining company Boart Longyear has struck a bailout deal with US private equity firm and debt financer, Centerbridge Partners. The refinancing deal, worth up to $401 million, will see Centerbridge Partners will help Boart pay down its massive ... [Published Yahoo! News Australia - Oct 23 2014]
First reported Oct 23 2014 - Updated Oct 23 2014 - 1 reports

Australia Stocks Edge Lower On Resource Weakness

LOS ANGELES –   Australian stocks slouched a little in early Thursday action, with the S&P/ASX 200 down 0.2% after a 1.1% gain in the previous session. Miners and energy shares were among the heaviest weights on the market, reacting to losses for oil ... [Published FOXBusiness.com - Oct 23 2014]

Quotes

Chief Executive Richard O'Brien said. "We anticipate the recapitalization will provide the company with significant liquidity to better weather the challenges of the current depressed markets for our drilling services and products and the financial strength to allow more time for those markets to recover."
o "Although output growth slowed to the weakest since March, the pace of expansion remains robust.”"
..."That's why Boart Longyear is in such a dire position, it's not a very well run company," IG markets strategist Evan Lucas told AAP. "It doesn't remove the uncertainty around their earnings. "The fact that no bank would come to the fore and they've had to go to private equity is a real concern." Under the recapitalisation plan, Boart will receive an equity injection of up to $US127 million. It has also sealed new loan deals worth more than $US200 million, for which it will have to pay 11-12 per cent in interest. Centerbridge has already negotiated a $US5.6 million share placement, which will increase its stake in Boart to 19.9 per cent from 12.7 per cent. Another $US21 million placement is planned for December, taking Centerbridge's stake to 37 per cent. Boart also plans a renounceable rights offer of between $US76 million and $US84 million, which could push Centerbridge's stake to up 49.9 per cent. A share buyback worth up to $US20 million will also be launched. Boart's net debt was $US550.9 million at the end of the September quarter, higher than the same time a year ago but slightly lower than the three months ago. Mr O'Brien acknowledged it would take time to pay off Boart's debt, which was contingent on an improvement in market conditions and efficiency measures. Boart reported a fourth consecutive half-year loss of $US143 million in August. On Thursday, it revealed third quarter revenues slipped to $US239 million, from $US280 million a year earlier. Shareholders are due to vote on the recapitalisation plan in late December."
...HSBC chief economist acknowledged the troubling price trends, noting "disinflationary pressures intensified", and adding the overall PMI picture "warrants further policy easing and we expect more easing measures on both the monetary as well as fiscal fronts in the months ahead." Shanghai Composite briefly popped into positive territory on the release but turned negative again going into midday break

More Content

All (96) | News (70) | Reports (0) | Blogs (22) | Audio/Video (0) | Fact Sheets (1) | Press Releases (3)
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Share race: Boart catapults laggard into top spot [Published Moneymanager - 6 hours ago]
Share race: Boart catapults laggard into top spot [Published Sydney Morning Herald - 8 hours ago]
Rescue finance for Boart Longyear [Published KHL Group - Oct 24 2014]
The Morning Leverage: North Bridge Makes Ingeni... [Published ACQ Magazine - Oct 24 2014]
Boart Longyear strategic review with Goldman Sa... [Published Mining & Quarry World - Oct 24 2014]
Today's Market View Including Beowulf Mining pl... [Published Proactive Investors.co.uk - Oct 24 2014]
Boart Longyear and Centerbridge Partners agree ... [Published International Mining - Oct 24 2014]
Stockwatch to Oct 24 [Published TheBull.com.au - Oct 24 2014]
FN Arena Broker Call Headlines - 24 Oct 2014 [Published NineMSN Finance - Oct 24 2014]
DataRoom AM: TPG's grand plans [Published Business Spectator - Oct 23 2014]
Centerbridge Recapitalizes Supplier of Drilling... [Published Dow Jones Financial Information Services - Oct 23 2014]
The Morning Leverage: North Bridge Makes Ingeni... [Published WSJ.com: Private Equity Beat - Oct 23 2014]
Boart Longyear Enters into a Recapitalization T... [Published Fort Mills Times - Oct 23 2014]
Boart Longyear Enters into a Recapitalization T... [Published EON Manufacturing - Oct 23 2014]
Boart Longyear Enters into a Recapitalization T... [Published EON Energy - Oct 23 2014]
Boart Longyear Enters into a Recapitalization T... [Published Wall Street Business Network - Oct 23 2014]
Boart Longyear Enters into a Recapitalization T... [Published Business Wire Natural Resources News - Oct 23 2014]
Boart Longyear Enters into a Recapitalization T... [Published Business Wire Energy News - Oct 23 2014]
Boart Longyear Enters into a Recapitalization T... [Published Business Wire Manufacturing News - Oct 23 2014]
Centerbridge ups share in drilling company Boar... [Published AltAssets.net - Oct 23 2014]
Local share market ends lower after modest fall [Published ABC Online - Oct 23 2014]
Boart says refinancing deal removes cloud (AAP) [Published Yahoo! News Australia - Oct 23 2014]
Stocks to watch at close on Thursday (AAP) [Published West Australian - Oct 23 2014]
Boart says refinancing deal removes cloud [Published NEWS.com.au - Oct 23 2014]
Boart says refinancing deal removes cloud [Published Geelong Advertiser - Oct 23 2014]
Asian Market Update: China HSBC Fl... [Published Action Forex - Oct 23 2014]
3 high-yield ASX stocks to jump on today [Published Motley Fool - Oct 23 2014]
Boart Longyear in $300m restructuring deal with... [Published Melbourne Age - Oct 23 2014]
Shine Corporate Ltd shares jump on acquisition [Published Motley Fool - Oct 23 2014]
Oil Search Limited shoots the lights out with r... [Published Motley Fool - Oct 23 2014]
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Blogs

sort by: Date | Relevance
The Morning Leverage: North Bridge Makes Ingeni... [Published WSJ.com: Private Equity Beat - Oct 23 2014]
Mike Lucas for Dow Jones From this morning’s LBO Wire: North Bridge Growth Equity wants to put that new iPad Air 2 to work in the health-care field. Amy Or reports that the private equity firm has invested in the not-so-humbly-named Ingenious Med ...
Boart Longyear Enters into a Recapitalization T... [Published EON Manufacturing - Oct 23 2014]
SALT LAKE CITY--(EON: Enhanced Online News)--Boart Longyear Enters into a Recapitalization Transaction with Centerbridge Partners, Successfully Completing Strategic Review ...
Boart Longyear Enters into a Recapitalization T... [Published EON Energy - Oct 23 2014]
SALT LAKE CITY--(EON: Enhanced Online News)--Boart Longyear Enters into a Recapitalization Transaction with Centerbridge Partners, Successfully Completing Strategic Review ...
Boart Longyear Enters into a Recapitalization T... [Published Business Wire Natural Resources News - Oct 23 2014]
SALT LAKE CITY--(BUSINESS WIRE)--Boart Longyear Enters into a Recapitalization Transaction with Centerbridge Partners, Successfully Completing Strategic Review ...
Boart Longyear Enters into a Recapitalization T... [Published Business Wire Energy News - Oct 23 2014]
SALT LAKE CITY--(BUSINESS WIRE)--Boart Longyear Enters into a Recapitalization Transaction with Centerbridge Partners, Successfully Completing Strategic Review ...
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Press Releases

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Boart Longyear® Awarded Contract for Largest Na... [Published Financial Services - Aug 21 2014]
Boart Longyear Awarded a Contract for a Big Cop... [Published Financial Services - May 13 2014]
Edmund J. Longyear to Be Inducted into Internat... [Published PR Newswire - Jan 09 2014]
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