ACM Capital Partners Supports, Facilitates $700M Recapitalization, Restructuring Deal for Boart Longyear.
As the Only Independent Advisor, ACM Worked Closely With Senior Management, Delivering Trusted Analysis, Guidance, Diligence and Coordination
BOSTON, MA -- ACM Capital Partners, a national investment and advisory firm specializing in assisting companies in transition or distress, today announced it has supported and facilitated a $700 million debt recapitalization restructuring engagement on behalf of Boart Longyear (ASX: BLY), a Salt Lake City, Utah-based leader in drilling services and drilling products for the global mining industry.
With 2008 sales in excess of $1.8 billion and nearly 7,000 employees worldwide, Boart Longyear conducts contract drilling services in more than 40 countries, and provides mining products to customers in over 100 countries. Boart's post-restructuring debt-to-EBITDA ratio is now below one -- a remarkable feat in today's economic environment.
Boart first turned to ACM in May for strategic advisory services on restructuring Boart's debt. Led by ACM Managing Partner Brian Davies in Boston, ACM assisted the management team with innovative debt restructuring solutions, including due diligence coordination with Boart's banking syndicate and equity underwriters. The engagement concluded with an equity offering led by Goldman Sachs, Macquarie, Merrill Lynch and RBS. The end result for Boart: the ability to execute on a total recapitalization of the company.
"A company with the size, scale and reputation of Boart Longyear could leave nothing to chance," Davies said. "We are proud to have served as a trusted advisor to the Boart management team during unprecedented economic times."
ACM's innovative approach is focused on injecting various forms of capital (including financial, intellectual and operational) directly into its client companies. Alongside capital infusion, ACM places a hands-on, seasoned member of each one of its three discipline teams (Executive, Financial and Operational) into each client engagement.
About ACM Capital Partners
Headquartered in Miami, with offices in Boston and Chicago, ACM Capital Partners is a national investment and advisory firm specializing in assisting companies in transition or distress. ACM's team of professional advisors has assisted clients ranging from small businesses to Fortune 100 Companies. The ACM team brings decades of experience to every client engagement, and has built a reputation of helping clients create value and provide strategic solutions to both short- and long-term financial issues. For more information please visit www.acmcapitalpartners.com or visit the ACM blog at
http://www.acmcapitalpartners.com/blog.html.