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Borr Drilling Limited - Announces Pricing and Upsize of $2.035 billion of Senior Secured Notes due 2032 and 2034

  • Borr Drilling Limited's subsidiaries priced a $2.035 billion offering of senior secured notes, representing a $435.0 million upsize from previous plans.
  • The offering consists of $1,100.0 million in 8.750% senior secured notes due 2032 & $935.0 million in 9.000% senior secured notes due 2034.
  • The Notes are guaranteed by the Company & secured on a senior basis by most of its rigs & other assets.
  • Proceeds are intended to repurchase, redeem, or refinance outstanding 10.000% Senior Secured Notes due 2028 ($1,128.1 million) & 10.375% Senior Secured Notes due 2030 ($770.7 million).
  • Additional proceeds will cover general corporate purposes & fees & expenses related to the offering & concurrent tender offer.
  • Settlement of the Notes is expected on or about June 10, 2026, subject to customary closing conditions.
  • Borr Drilling Limited is a Bermuda-incorporated drilling contractor listed on the NYSE & Euronext Oslo Bors, operating modern jack-up rigs for the shallow-water offshore oil & gas industry.