find the latest legal job
Senior Associate - Competition, Policy & Regulatory
Category: Other | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Work with a well regarded Partner · Sydney CBD
View details
Commercial Litigation Senior Associate
Category: Litigation and Dispute Resolution | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Lawyers Weekly Australia Partner of the Year 2016, Insolvency
View details
MULTIPLEX Regional Legal Counsel (Vic) | 7 to 10 years + PQE
Category: Generalists - In House | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Career defining in-house role · Tier One international contractor
View details
Junior Lawyer - Personal Injury Law
Category: Personal Injury Law | Location: Parramatta & Western Suburbs Sydney NSW
· Highly specialized practice · Challenging role with great opportunities
View details
IR Advisor/Member Advocate
Category: Industrial Relations and Employment Law | Location: St Leonards NSW 2065
· Permanent (0.8-1.0 FTE) role in a developing team
View details
Blake Dawson acts on Boart Longyear Capital Raising

Blake Dawson acts on Boart Longyear Capital Raising

Deal summary:Boart Longyear plans to raise approximately $756 million ($US635 million) by way of a fully underwritten equity raising. The offer will be conducted via three tranches comprising a…

Deal summary:

Boart Longyear plans to raise approximately $756 million ($US635 million) by way of a fully underwritten equity raising. The offer will be conducted via three tranches comprising a $US341 million 1-for-1 accelerated non-renounceable pro-rata entitlement share offer; a $US101 million unconditional share placement and a $US193 million share placement, to be voted on by shareholders.

Assuming the conditional placement is approved, Boart Longyear will have raised sufficient capital to repay its existing Term Loan A on or before April 2010 which will remove its near term refinancing issue..

Boart Longyear listed in April 2007 with a market capitalisation of $2.45 billion which peaked in October 2007 at $4.0 billion. Its market capitalisation hit a low of $100 million in March this year and as recently as July had climbed to only $375 million. Its market capitalisation on the Friday before the offer was launched had climbed to $660 million.

Key players:

Blake Dawson partner Sarah Dulhunty, Elizabeth Pakchung, Lucille Scomazzon and Carl Della-Bosca

Commentary:

"This is a very significant transaction in the history of BLY and presented a number of challenges in successfully raising an amount to pay down BLY's near term debt facility which exceeded BLY's market capitalisation and when BLY's register is comprised of only approximately 50% institutions. It was a privilege to be able to provide critical support to BLY in these circumstances," commented corporate partner Sarah Dulhunty.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Blake Dawson acts on Boart Longyear Capital Raising
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Debate, same-sex marriage, Law Society
Sep 21 2017
Law Society acknowledges ‘diversity of opinion’ on same-sex marriage
The council of the Law Society of NSW has said it respects the diverse views of its members on same-...
Scales of Justice
Sep 21 2017
Victoria considers legalising euthanasia
A change in law to allow voluntary assisted dying in Victoria will be considered by the State Parlia...
Old woman
Sep 21 2017
Federal government ignoring elder abuse crisis, lawyer says
A Queensland lawyer has called on federal politicians to follow the lead of the Queensland governmen...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...