BORR - Borr Drilling launches offering of $1.5B senior notes
2023-10-24 05:39:08 ET
- International drilling contractor Borr Drilling ( NYSE: BORR ) announced Monday an offering of $1.5B of senior secured notes due 2028 and 2030.
- Pricing of the offering is expected on or about October 24, 2023. The notes will be guaranteed by the company and certain of its subsidiaries.
- In connection with the offering, the firm is planning: (i) a private placement in Norway of ~$50M in shares and (ii) entering into a $180M super senior revolving credit facility.
- Proceeds, together with the proceeds from the equity offering, will be used to repay all of the company's outstanding secured borrowings and the remainder, if any, for general corporate purposes.
For further details see:
Borr Drilling launches offering of $1.5B senior notes