Borr Drilling Limited (NYSE: BORR) (OSE: BORR) announced today that its wholly-owned subsidiary Borr IHC Limited has priced an offering of additional 10.375% senior secured notes due 2030 (the "Additional Notes") for gross proceeds of approximately $175 million.
The Additional Notes will have the same terms and conditions as the existing $515 million aggregate principal amount of senior secured notes due 2030.
The proceeds from the offering are intended to be used for the acquisition and activation costs for the newbuild rig "Var", which is expected to be delivered on November 15, 2024, instead of the previously secured yard financing, as the terms and pricing for the Additional Notes are more advantageous, and for general corporate purposes including debt service. Settlement of the notes offering is expected on or about November 8, 2024 and is subject to customary closing conditions.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
