BORR - Borr Drilling to launch $250M public stock offering

Borr Drilling ( NYSE: BORR ) -2.4% post-market on Tuesday after saying it plans a U.S. public offering of $250M of its common shares, with an underwriters option to purchase up to an additional $25M worth of shares.

The company said it plans to use the proceeds for a refinancing with its lenders, shipyard delivery financing arrangements with Keppel and PPL, and for general corporate purposes.

Closing of the offering will be subject to Borr's ( BORR ) authorized share capital being increased by 40M common shares, to be determined at a special general meeting to be held on August 16, and authorized share capital being further increased by 35M common shares via a second special general meeting to be held on August 25.

Earlier Monday, Borr Drilling ( BORR ) reported a Q2 GAAP loss of $1.09/share on revenues of $105M .

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