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Boart Longyear advised on debt-for-equity swap
Gilbert + Tobin and Clifford Chance have advised on a transaction that saw the successful restructure of ASX-listed giant Boart Longyear Limited.
Emma Musgrave
Firms: Gilbert + Tobin (Boart Longyear); Clifford Chance (Boart Longyear).
Value: $1.1 billion.
Area: Restructuring.
Key players: The Gilbert + Tobin team was led by Dominic Emmett, with assistance from lawyer Peter Madden.
The Clifford Chance team was led by partner David Clee, with assistance from partner Elizabeth Hill, senior associate Cameron Reeves, and associate Michael Fitzpatrick.
Deal significance: As per a statement provided by Gilbert + Tobin, this complex restructuring involved two inter-dependent creditor schemes of arrangement to effect a debt-for-equity swap of approximately $1.1 billion of debt into 98.5 per cent of the equity in the recapitalised group as well as a member scheme of arrangement to transfer Boart Longyear’s corporate domicile from Australia to Canada.
The transaction also involved seeking Chapter 15 recognition in the United States for the schemes and the implementation of an exit finance facility for the group, the firm said.
Commenting on behalf of Clifford Chance, lead partner David Clee said: “Boart Longyear’s multi-jurisdictional restructuring transaction was highly complex and transformational for Boart Longyear. It was a pleasure to advise our US-based financial investor clients on the transaction.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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