International law firm Dorsey & Whitney LLP is pleased to announce that it is one of the winners of the 2022 IFLR Asia-Pacific Award for Restructuring Deal of the Year: Boart Longyear.
Dorsey acted as primary finance counsel to Boart Longyear Limited and its subsidiaries (collectively, the "Company") in connection with a $1.1 billion recapitalization and restructuring.
Boart Longyear is a leading manufacturer of drilling products, and provider of drilling services and equipment for mining and drilling companies globally, that is headquartered in Salt Lake City, Utah, USA.
Prior to the recapitalization and restructuring, the Company had a complex capital structure, including a debt structure that limited its ability to capitalize on business opportunities. The recapitalization was made possible, in part, by an infusion of new money under an exit finance facility which followed a prior bridge loan facility. As a result, the Company’s debt capital structure was overhauled with a single asset based revolving credit facility and $115 million term loan facility in place of three loan facilities, senior secured notes, subordinated unsecured notes, and the bridge loan facility. The recapitalization and restructuring was completed in October 2021.
Dorsey was privileged to support the Company and its management and legal teams on this transaction. Dorsey worked closely with the Company’s other advisors including Ashurst LLP, Rothschild & Co., Fasken LLP, and Milbank LLP.
The Dorsey deal team was led by Partner Erin McCrady and Partner Ken Logsdon and Associates Chirag Domadia and Jake Lund spearheaded the exit finance facility and bridge loan facility work.