Boart Longyear Limited announced that following on from its recent announcements concerning the impact of COVID-19 on its business, the company is proposing to pursue certain amendments to its Senior Secured Notes due December 2022 as a measure to preserve cash liquidity. The effect of the amendments to be proposed, if implemented, will be that the company will be able to satisfy the interest payments due in respect of those notes on 30 June 2020 and 31 December 2020 by way of payment-in-kind (i.e. through the issue of further Senior Secured Notes rather than by the payment of cash). These amendments will have a favourable impact on the Company's objective to preserve its cash liquidity in the current circumstances. The Company will shortly commence a formal solicitation process with its Senior Secured Noteholders to seek noteholder consent to those PIK amendments. This solicitation process is expected to conclude on 15 June 2020. The principal amount outstanding under the Senior Secured Notes as at that date was USD 217 million and accreted interest was USD 36.6 million. The current rate of interest applicable in respect of the notes is 10%. The interest entitlement for those note holders who agree to take interest by way of payment-in-kind (PIK) will be 12.0% and 14.5% for 30 June 2020 and 31 December 2020 respectively. Subject to the receipt of ASX relief, that is necessary to permit the proposed amendments to be made to the Senior Secured Notes, the Company has determined that it intends to proceed with the proposed amendments if they are consented to by at least 90% of the Senior Secured Noteholders.