BORR - Borr Drilling prices $250M in stock offering
- Borr Drilling ( NYSE: BORR ) priced its earlier announced offering of 69.4M shares at $3.6/share for total gross proceeds of $250M.
- Underwriters granted 30-day option to purchase up to an additional 6.94M shares.
- Proceeds to be used for complete a refinancing with its lenders under its Syndicated Facility, New Bridge Facility, Hayfin Facility and shipyard delivery financing arrangements with Keppel and PPL, and for general corporate purposes.
- A first settlement of the offering is expected on Aug.17, 2022 and second settlement is expected on Aug.26, 2022.
- Offer closing is based on share capital being increased by 40M shares post a meeting to be held on Aug.16, 2022, share capital being increased by 35M shares after meeting held on Aug.25, 2022.
- Shares trading 3.5% down premarket.
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Borr Drilling prices $250M in stock offering