Boart Longyear completes $774m capital raising

Boart Longyear completes $774m capital raising

Mining products supplier Boart Longyear (ASX:BLY) announced that it had completed a US$700 million ($774 million) capital raising program.

The raising was concluded with the issuing of around 308.9 million new shares, under a share purchase plan which contributed US$75 million to the raising.

The proceeds of the capital raising will be used to reduce the company’s net debt, Boart said, with a US$585 million loan now re-paid in full.

“The completion of this program has reduced our net debt position by over 90% to less than US$100 million,” Boart CEO Craig Kipp said.

Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.

Join the newsletter!


Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags miningShare placementBoart Longyear

Show Comments