Borr Drilling ( NYSE: BORR ) said after Thursday's market close that it has made "significant progress" in negotiations with lenders on agreements to refinance and extend its 2023 maturities, and covenant waivers were extended until July 15 to provide more time to conclude full lock-up and commitments from all creditors.
The company said it reached an agreement in principle for refinancing of the senior secured bank facility in July, to be funded with a mix of a new credit facility and equity/asset sale.
Borr ( BORR ) shares closed -15.1% in Thursday's trading and have plunged 25% so far this week.
Earlier this week, Borr ( BORR ) said it signed a letter of intent for the sale of three high-specification units under construction .
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Borr Drilling gets more time from lenders on refinancing talks