News: BLY BUZZ- Australia's Boart Longyear hits 5-month low on recapitalisation plan with lenders

** Shares of drilling services and equipment provider Boart Longyear Ltd (BLY) drop as much as 28.3% to A$0.38, their lowest since Dec 18, 2020

** Stock on track for the worst session since Jan 8 ** Co says it has reached an agreement with majority of lenders for a proposed substantial recapitalisation, of which its total debt would decrease to less than $200 mln, with about $795 mln of debt being converted into equity

** Says lenders will own 98.5% of the co's post-recapitalisation ordinary shares

** Boart Longyear has underperformed the S&P/ASX 200 Materials (Industry Group) sector .AXMAJD by 9.7 percentage points in the past one month

** Main stock index S&P/ASX 200 (xjo) slips 0.6% ** As of last close, stock up 21.8% this year

(Reuters Messaging: [email protected])