The $149 million raising sees new shares issued at a price of 85c each, with the funds going towards reducing Emeco's secured notes from $442 million to $250 million.
That will save $19 million per annum in interest and reduce Emeco's gross debt and net leverage ratio to 0.9-times (compared with 1.46-times at June 30), with the $250 million in notes to mature in 2024 - versus the previous notes maturing in 2022.
The 85c per new share issue price compares with Emeco's shares trading at levels around $3.50 two years ago.
Emeco said "reducing our gross debt and eliminating our 2022 refinancing task means that we can fully focus on running the business and continue our evolution to becoming a leading mining services solutions provider".
Shares in Emeco were trading at $1.03 on Friday when the stock went into a trading halt with regards the equity raising and balance sheet restructure.
At that price the company was capitalised at $381 million.
Last month Emeco said free cashflow totalled $71 million in the previous financial year.