Borr Drilling Limited - Announces Launch of Senior Secured Notes Offering
Borr Drilling Limited - Announces Launch of Senior Secured Notes Offering
HAMILTON, Bermuda, May 26, 2026 — Borr Drilling Limited (NYSE: BORR) (OSE: BORR) ("Borr Drilling" or the "Company") announced today that its wholly owned subsidiary, Borr IHC Limited, and its direct subsidiary Borr Finance LLC intend to offer, subject to market conditions, $1,600,000,000 in aggregate principal amount of senior secured notes due 2032 and 2034 (the "Notes"). The Notes will be guaranteed by the Company and certain of its subsidiaries and will be secured on a senior basis by most of the rigs and certain other assets of the Company and the subsidiary guarantors.
The proceeds from the Notes are intended to be used by the Company, together with cash on hand, to repurchase, redeem or otherwise refinance in full its outstanding 10.000% Senior Secured Notes due 2028 and up to $447.3 million in aggregate original principal amount of its outstanding 10.375% Senior Secured Notes due 2030 (representing $393.0 million in aggregate principal amount outstanding after giving effect to amortization payments) (including pursuant to the concurrent tender offer) and to pay fees and expenses related to the Notes offering and the concurrent tender offer.
Pricing of the Notes offering is expected on or about May 28, 2026.
The settlement of the tender offer is subject to certain conditions, including the pricing and settlement of the Notes offering.
This press release is for information purposes only and does not constitute or form part of an offer to sell or the solicitation of an offer to purchase or subscribe for securities, nor will there be any sale of the securities in any jurisdiction in which, or to any persons to whom, such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the Securities Act of 1933 or applicable state securities laws, and may not be offered or sold in the United States or to U.S. persons (other than distributors) unless such securities are registered under the Securities Act of 1933, or an exemption from the registration requirements of that act is available.
About Borr Drilling
Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the New York Stock Exchange since July 31, 2019 and on Euronext Oslo Bors since May 21, 2026 under the ticker "BORR." The Company owns and operates jack-up rigs of modern and high specification designs and provides services focused on the shallow-water segment to the offshore oil and gas industry worldwide. Please visit our website at www.borrdrilling.com.
CONTACT
Questions should be directed to: Magnus Vaaler, CFO, +44-1224-289208
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Summary
HAMILTON, Bermuda, May 26, 2026 /PRNewswire/ -- Borr Drilling Limited (NYSE: BORR) (OSE: BORR) ("Borr Drilling" or the "Company") announced today that its wholly owned subsidiary, Borr IHC Limited, and its direct subsidiary Borr Finance LLC intend to offer, subject to market conditions,...