The financing is subject to necessary conditions and enables the company to refinance its existing $150m debt and $30m asset finance facilities.

Funding from the various banks also provides considerable undrawn liquidity to acquire Best Tractor Parts with the acquisition is expected to close on 31 October 2012.

Ausdrill chief financial officer José Martins said that the company can now fund its growth with ongoing 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."