Mining products supplier Boart Longyear (ASX:BLY) announced that it had completed a US$700 million ($774 million) capital raising program.

The raising was concluded with the issuing of around 308.9 million new shares, under a share purchase plan which contributed US$75 million to the raising.

The proceeds of the capital raising will be used to reduce the company’s net debt, Boart said, with a US$585 million loan now re-paid in full.

“The completion of this program has reduced our net debt position by over 90% to less than US$100 million,” Boart CEO Craig Kipp said.