Ausdrill will not proceed with $500 million seven-year note offering

Chicago, May 16 – Ausdrill Ltd. has decided not to proceed at the present time with the previously announced offering of guaranteed senior notes by its wholly owned subsidiary, Ausdrill Finance Pty Ltd., according to a company notice.

“When we announced we would be commencing a process to refinance our existing debt facilities earlier this month the market for U.S. notes was strong,” Ausdrill chief financial officer Peter Bryant said in the release.

“Unfortunately, the escalation in the US/China trade war and the sharp decline in the US equity markets earlier this week meant that the attractiveness of refinancing was no longer there,” he continued.

The Australia-based provider of natural resource exploration services planned to use the proceeds to redeem all $350 million of the outstanding senior secured notes due 2022 issued by its wholly owned subsidiary, Barminco Finance Pty Ltd.

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