Borr Drilling Limited - Announces Pricing of Additional Offering of 10.000% Senior Secured Notes due 2028 For Proceeds of $150 million
Summary
HAMILTON, Bermuda, Aug. 9, 2024 /PRNewswire/ -- Borr Drilling Limited (the "Company") (NYSE and OSE: BORR) announced today that its wholly-owned subsidiary Borr IHC Limited has priced an offering of additional 10.000% senior secured notes due 2028 (the "Additional Notes") for gross proceeds of approximately $150 million.The Additional Notes will have the same terms and conditions as the existing $1.225 billion aggregate principal amount of senior secured notes due 2028.The proceeds from the offering are intended to be used for the acquisition and activation costs for the newbuild rig "Vali", instead of the previously secured yard financing that was intended for the newbuild, 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 August 16, 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.This announcement is not being made in or into Canada, Australia, Japan, Hong Kong or in any other jurisdiction where it would be prohibited by applicable law. Forward-looking statements reflect knowledge and information available at, and speak only as of, the date they are made. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date hereof or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on such forward-looking statements.CONTACT: Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208This information was brought to you by Cision http://news.cision.comThe following files are available for download: