Boart Longyear to start roadshow Thursday for $300 million units

By Paul A. Harris

Portland, Ore., Sept. 11 - Boart Longyear Management Pty. Ltd. plans to start a roadshow on Thursday for a $300 million offering of notes units, according to a market source.

The issue is sized at 300,000 units, with each unit comprised of $867 of senior secured notes and $133 of senior unsecured notes.

All of the notes will have five-year maturities.

The Rule 144A and Regulation S for life deal is expected to price on Sept. 18.

J.P. Morgan Securities LLC, BofA Merrill Lynch and Goldman Sachs & Co. are the joint bookrunners. PNC Capital Markets, U.S. Bancorp Investments Inc. and HSBC are the co-managers.

Ten percent of the notes in both tranches are callable annually at 103 for the first three years but are otherwise non-callable.

The South Jordan, Utah-based maker of drilling and mining equipment plans to use the proceeds to pay down its revolver.

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