S&P raises Boart Longyear

S&P said it upgraded Boart Longyear Ltd.’s issuer rating to B- from D and withdrew the ratings on the company’s senior secured and senior unsecured notes.

Boart Longyear converted about $796 million of debt, which is substantially all its capital structure as part of a recapitalization. The conversion included about $348 million of senior secured notes, $354 million of term loan debt and $94 million of senior unsecured notes.

The company’s new capital structure consists of an unrated $115 million term loan, an unrated $75 million asset-based lending facility and about $40 million of lease liabilities.

The outlook is stable.

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