Australian mining services provider Ausdrill has secured $550m in debt financing from a syndicate of banks under a three-year dual currency facility.
The debt was arranged by a syndicate of several commercial and investment banks, subject to customary conditions and the company is expected to refinance its existing $150m in debt and $30m in asset finance facilities.
The funding accelerates Ausdrill's plans to acquire Best Tractor Parts, a deal expected to be closed on 31 October 2012.
Ausdrill chief financial officer José Martins said that the financing underscores the company's growth funding prospects for its projects in Australia and Africa.
"We have achieved precisely what we set out to do, which was to transition to a flexible corporate borrowing platform consistent with the strength of our credit standing and implement required levels of liquidity, whilst maintaining a relatively conservative approach to debt.
"This new debt arrangement will provide flexibility to assist in continuing to deliver our strategy of being a leading provider of integrated mining services in Australia and Africa," added Martins.