S&P cuts Boart Longyear, notes

S&P said it lowered the corporate credit rating on Boart Longyear Ltd. to SD from CC, the issue-level ratings on its senior secured notes due 2018 to D from CCC- and the issue-level rating on its senior unsecured notes due 2021 to D from C. The recovery ratings are unchanged.

At the same time, the agency removed the ratings from CreditWatch where they were placed with negative implications on April 5, shortly after the exchange offer was initially announced.

S&P said the downgrade follows Boart Longyear's announcement that it completed an exchange offer in which $196 million of the company's 7% senior unsecured notes due 2021 are converted into common equity.

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