Last A$0.19 AUD
Change Today 0.00 / 0.00%
Volume 433.4K
As of 12:10 AM 11/27/14 All times are local (Market data is delayed by at least 15 minutes).

boart longyear ltd (BLY) Snapshot

Open
A$0.19
Previous Close
A$0.19
Day High
A$0.20
Day Low
A$0.19
52 Week High
01/8/14 - A$0.51
52 Week Low
07/16/14 - A$0.09
Market Cap
93.0M
Average Volume 10 Days
472.0K
EPS TTM
A$-0.95
Shares Outstanding
502.5M
EX-Date
03/11/14
P/E TM
--
Dividend
--
Dividend Yield
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Current Stock Chart for BOART LONGYEAR LTD (BLY)

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boart longyear ltd (BLY) Details

Boart Longyear Limited provides drilling services, drilling equipment, and performance tooling for mining and mineral drilling companies worldwide. The company operates through two divisions, Global Drilling Services and Global Products. The Global Drilling Services division provides a range of services, including surface and underground diamond coring, and underground percussive drilling, surface rotary drilling, surface geotechnical drilling, sonic drilling, and surface and underground reverse circulation drilling, as well as offers earth and rock core samples for analysis purposes and holes for the installation of gas well casings. This division provides drilling services for the exploration and development of gold, copper, nickel, zinc, uranium, oil sands, oil shale, coal, coal bed methane, and other metals and minerals. As of December 31, 2013, it had 951 drilling rigs and provided contract drilling services in approximately 35 countries. The Global Products division designs, manufactures, and sells drilling equipment, performance tooling, and aftermarket parts and services. It offers diamond drill bits, drill rods, wireline core extraction systems, drilling rigs, and other products used in mineral exploration, mine development, mine production, and environmental and infrastructure drilling. This division primarily sells its products to drilling services contractors in approximately 100 countries. The company is also involved in drill rigs rental services. Boart Longyear Limited is headquartered in South Jordan, Utah.

5,871 Employees
Last Reported Date: 08/25/14

boart longyear ltd (BLY) Top Compensated Officers

Chief Executive Officer, President and Execut...
Total Annual Compensation: $859.5K
Senior Vice President, General Counsel and Se...
Total Annual Compensation: $505.7K
Senior Vice President of Global Drilling Serv...
Total Annual Compensation: $484.6K
Senior Vice President of Global Products & Su...
Total Annual Compensation: $398.9K
Senior Vice President of Human Resources
Total Annual Compensation: $392.3K
Compensation as of Fiscal Year 2013.

boart longyear ltd (BLY) Key Developments

Boart Longyear Limited - Special Call

To discuss its Recapitalisation Transaction

Boart Longyear Limited Report Unaudited Earnings Results for the Third Quarter Ended September 30, 2014; Provides Capital Expenditure Guidance for the Full Year 2014

Boart Longyear Limited reported unaudited earnings results for the third quarter ended September 30, 2014. For the quarter, the company reported revenue of $239 million compared to $280 million a year ago. Statutory EBITDA was $12 million compared to negative EBITDA of $1 million a year ago. Adjusted EBITDA was $16 million compared to $19 million a year ago. Net cash flows provided by operating activities was $10.1 million compared to $36.1 million a year ago. Net debt was $550.9 million compared to $523.0 million a year ago. Adjusted NLAT was $34.7 million compared to $19.5 million a year ago. NLAT was $38.3 million compared to $39.4 million a year ago. The company still expects approximately $25 million of capital spending for full-year 2014, down approximately $25 million from 2013 levels.

Boart Longyear Limited Appoints Jonathan Lewinsohn as Director; Provides Update on Term Loans and Senior Secured Tender Offer Due to Recapitalisation Agreement

Boart Longyear Limited announced that it has entered into binding agreements with certain entities affiliated with Centerbridge Partners, L.P. in relation to a comprehensive recapitalisation transaction (Recapitalisation). The Recapitalisation provides the company with a strategic partner committed to creating value for all shareholders and completes the strategic review process initiated by the company in February 2014, which considered an extensive assessment of potential options to maximise shareholder value and provide the company with a more sustainable capital structure. To adequately reflect Centerbridge's significant investment in the company and prominent position in its capital structure, the Board of Directors has appointed Jonathan Lewinsohn, Senior Managing Director of Centerbridge, as a director. With Mr. Lewinsohn's appointment, the Board expands to ten directors. Following shareholder approval of the conditional transactions and completion of the Recapitalisation, Centerbridge also will have the contractual right to nominate additional directors to the Board proportionate to its ownership of the company's ordinary shares but this contractual appointment right may not equal or exceed half the Board. Centerbridge also will have the right to nominate candidates to be Chair of the Board subject to the approval of a majority directors. A tender offer of up to USD 105 million will be launched in the US market on October 22, 2014. The size of the tender offer is subject to a pro-rata reduction if the tender offer is oversubscribed. Under the terms of the tender: Holders of Senior Secured Notes who tender their Notes prior to 5:00 p.m., New York City time, on November 4, 2014 (Early Tender Time) will receive USD 1,080.00 per USD 1,000.00 in principal amount of the Senior Secured Notes validly tendered and accepted and Holders of Senior Secured Notes who tender after the Early Tender Time but prior to 11:59 p.m. New York City time, on November 19, 2014 (Expiration Date) will receive USD 1,050.00 per USD 1,000.00 in principal amount of the Senior Secured Notes validly tendered and accepted. The draw-down of the USD 120 million Tranche A term loan has refinanced the company's former credit facility and eliminates the burden of the facility's financial maintenance covenants. It matures in October 2020 and is non-callable for 4 years. It is secured by a first lien on working capital assets and a second lien on other assets. It may be replaced dollar-for-dollar up to USD 50 million, with no penalties, by a new asset backed loan (ABL) for each dollar that Tranche B is drawn above USD 55 million. The Tranche B (Pending Tender) facility will provide up to USD 105 million to fund the tender offer for Senior Secured Notes and will be funded in the amount such notes are repurchased. The substitution of Tranche B debt for Senior Secured Notes on a dollar-for-dollar basis is debt neutral. It matures in October 2018 (coincidental with the existing Senior Secured Notes) and is non-callable for the life of the loan. Its terms and conditions, except maturity, ability to call and collateral, are largely consistent with those of Tranche A and security will rank pari passu with existing Senior Secured Notes.

 

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