Australia's Ausdrill to start global roadshow Tuesday for $300 million seven-year notes

By Paul A. Harris

Portland, Ore., Oct. 22 - Australia's Ausdrill Finance Pty Ltd. plans to start a global roadshow in London on Tuesday for a $300 million offering of seven-year senior notes (Ba3/BB), according to a syndicate source.

An investor conference call is scheduled for 10:30 a.m. ET on Tuesday.

The deal will be presented in New York on Wednesday and Thursday and in Boston on Friday.

Subsequent roadshow stops include Los Angeles on Oct. 29 and San Francisco on Oct. 30.

Possible subsequent presentations, or conference calls, are under consideration for Hong Kong and Singapore.

The deal is set to price following the conclusion of the roadshow, pending market conditions.

Morgan Stanley & Co. is the left bookrunner. Deutsche Bank Securities Inc. and Standard Chartered Bank are the joint bookrunners.

The Rule 144A and Regulation S for life notes come with three years of call protection.

The Kewdale, Western Australia-based mineral exploration company plans to use the proceeds to repay the term loan portion of its credit facility, with any remaining proceeds to be used for general corporate purposes, including a temporary pay down of its revolver.

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