Boart digs deep for debt funding DRILLING contractor Boart Longyear is scrambling to secure fresh debt funding as it looks to avoid another dilutive equity raising, after cuts to its workforce failed to stem a fall in earnings. Yesterday Boart flagged a grim outlook for the remainder of the year and admitted it was in danger of breaching its debt covenants, less than two months after the group negotiated an easing in its covenants in exchange for higher borrowing costs.