Take 2 -Centrebridge appoints Moelis for Boart

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Centrebridge appoints Moelis for Boart recapitalisation

Advisory firm Moelis is understood to have been appointed by the hedge fund Centrebridge for another possible recapitalisation of Boart Longyear, fresh from striking a deal with Emeco on behalf of its client Orionstone.
The appointment offers weight to the theory it will in fact be Centrebridge that injects fresh equity into the business, although another hedge fund may also be involved.
An outcome regarding Boart Longyear, advised by Houlihan Lokey, should be known in about a fortnight.
Boart Longyear is a global mining exploration drilling service provider that is headquartered in Salt Lake City in the US, but is listed on the Australian Securities Exchange.
It reported a 52 per cent lift in its net profit to $79 million for the six months to June, despite its revenue falling 20 per cent to $770m. Centrebridge took part in a $400m recapitalisation deal with Boart Longyear in 2014, which involved $US225m in new loan financing and about $US111m in equity capital.
Other components of the transaction included $US16m debt equalisation and an equity-funded share repurchase plan.

The Australian 12:00AM October 11, 2016