Borr Drilling prices $2.035 billion in senior secured notes

Borr Drilling Limited (NYSE: BORR) announced that its subsidiaries have priced a $2.035 billion offering of senior secured notes, representing an upsize of $435 million from the initially contemplated amount.

The offering consists of $1.1 billion in 8.750% senior secured notes due 2032 and $935 million in 9.000% senior secured notes due 2034. The notes will be guaranteed by Borr Drilling and certain subsidiaries and secured by most of the company's rigs and other assets.

The company plans to use proceeds to refinance existing debt, including the full repurchase or redemption of $1.128 billion in outstanding 10.000% senior secured notes due 2028 and $770.7 million in outstanding 10.375% senior secured notes due 2030. Additional proceeds will fund general corporate purposes and pay fees related to the offering and concurrent tender offer.

Settlement of the notes is expected around June 10, 2026, subject to customary closing conditions.

Borr Drilling is an international drilling contractor incorporated in Bermuda that owns and operates jack-up rigs serving the offshore oil and gas industry. The company trades on the New York Stock Exchange and Euronext Oslo Bors.

You May Also Be Interested In

• Cosmos Health signs AI call center deal for pharma subsidiary
• Calidi Biotherapeutics adds biopharma veteran Corsee Sanders to board
• NeOnc gets UAE approval for NEO100 brain cancer drug trials