Boart Longyear's $500 million term loan broke in the secondary market at 101. UBS is lead arranger on the loan, which is priced at LIBOR plus 3%. Boart Longyear makes and supplies services, systems and products to the natural resources industry and the construction and quarrying industries. In October, Boart Longyear and majority shareholder Advent International worked with UBS to recapitalize the company and restate existing credit facilities (CIN, 10/28). In July, UBS increased the first lien Boart had taken out in June to back Advent's $545 million acquisition of Boart Longyear, a part of Anglo Ferrous Metals, from Anglo American.
Boart Longyear Term Loan Breaks