Refinancing Presentation

Executed a comprehensive refinancing solution to provide through-the-cycle flexibility The Company proactively sought, and successfully completed, a US$300 million offering of 5 year senior secured notes due on 1 October 2018 ❖ Concurrently, the Company amended its existing revolving credit facility, reducing the facility limit to US$140 million¹ and amending the financial covenants Net proceeds from the notes offering were used to repay drawings under the existing credit facilities --- excluding transaction costs, this was a debt neutral transaction The new senior secured notes and the amended bank facility provide Boart Longyear with: • • Significantly enhanced covenant flexibility Extended debt maturity profile with no refinancing event before 2016 Stronger liquidity position The new financing package provides Boart Longyear with substantial flexibility to operate on a through-the-cycle basis 1 Amended bank facility of US$140mm of which up to US$120M may be borrowed in the form of revolving loans or letters of credit with the remaining US$20M available only for the issuance of unsecured letters of credit BOART LONGYEAR Refinancing Presentation - October 2013 3

View entire presentation