Borr Drilling Limited Announces Launch Of Senior Secured Notes Offering; Subsidiary Borr Ihc, And Certain Other Units Intend To Offer $1.5B Worth Of Senior Secured Notes Due 2028 & 2030; Co Is Contemplating Private Placement In Norway Of ~$50M In Shares

Author: Benzinga Newsdesk | October 23, 2023 12:53pm

Borr Drilling Limited (the "Company") (NYSE and OSE: BORR) announced today that its wholly owned subsidiary Borr IHC Limited, and certain other subsidiaries intend to offer, subject to market conditions, $1,500,000,000 in aggregate principal amount of senior secured notes due 2028 and 2030. The notes will be guaranteed by the Company and certain of its subsidiaries and will be secured on a senior basis on substantially all of the assets of the Company and certain subsidiary guarantors.

In connection with the notes offering, the Company is contemplating: (i) a private placement in Norway of approximately $50 million in shares and (ii) entering into a $180 million super senior revolving credit facility, to be secured on a super senior basis by the same collateral that will secure the notes.

The proceeds from the notes offering are intended to be used, together with the proceeds from the equity offering, to repay all of the Company's outstanding secured borrowings, being borrowing under the DNB Facility, the Hayfin Facility, the shipyard delivery financing arrangements with OPPL and PPL, the $150 million Norwegian law Senior Secured Bonds, and to pay related premiums, fees, accrued interest and expenses, in connection with the foregoing, and the remainder, if any, for general corporate purposes.

Pricing of the notes offering is expected on or about October 24, 2023.

The settlement of the equity offering is subject to certain conditions, including the pricing and settlement of the notes offering. The Company has conducted a selective pre-sounding of its largest existing shareholders and received indications such that the $50 million private placement will be covered. In case of demand from other existing shareholders during a contemplated bookbuilding for the private placement, these investors may be scaled down to their pro-rata allocation. No shares will be offered or sold in transactions on the NYSE.

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 stock exchange notice was published by Andreas Lavik Lie, VP Treasury & IR, on the date and time as set out above.

Posted In: BORR