Borr Drilling prices $2.035 billion senior secured notes offering

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

Borr Drilling plans to use the proceeds to refinance existing debt, including the full repurchase or redemption of its outstanding 10.000% Senior Secured Notes due 2028, which have $1.128 billion in aggregate principal amount currently outstanding. The company also intends to refinance its 10.375% Senior Secured Notes due 2030, with $770.7 million currently outstanding.

Additional proceeds will fund general corporate purposes and pay fees and expenses related to the notes offering and concurrent tender offer. Settlement is expected around June 10, 2026, subject to customary closing conditions.

Borr Drilling operates jack-up drilling rigs serving the offshore oil and gas industry's shallow-water segment. The company is incorporated in Bermuda and trades on the New York Stock Exchange and Euronext Oslo Bors.

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