BUZZ- Australia's Boart Longyear hits 5-month low on recapitalisation plan with lenders By Reuters

Bank Chaos Tests Traders’ Nerves and Rewards Those Doing Nothing

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

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

AXJO

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+0.56%

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AXMAJD

+0.56%

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** Shares of drilling services and equipment provider Boart Longyear Ltd BLY.AX 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 .AXJO slips 0.6%

** As of last close, stock up 21.8% this year

(Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)

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S&P/ASX 200	6,955.20	-13.40	-0.19%
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BUZZ- Australia's Boart Longyear hits 5-month low on recapitalisation plan with lenders

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