HAMILTON, Bermuda, Oct. 23,
2023 /PRNewswire/ -- Borr Drilling Limited (the
"Company") (NYSE:BORR) 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.
About Borr Drilling Limited
Borr Drilling Limited is an international drilling contractor
incorporated in Bermuda in 2016
and listed on the Oslo Stock Exchange on August 30, 2017 and on the New York Stock
Exchange on July 31, 2019 under the
ticker "BORR". The Company owns and operates jack-up rigs of modern
and high specification designs and provides services focused on the
shallow water segment to the offshore oil and gas industry
worldwide. Please visit the Company's website at:
www.borrdrilling.com
Important note
This announcement is not being made in or into Canada, Australia, Japan, Hong
Kong or in any other jurisdiction where it would be
prohibited by applicable law. This distribution is for information
purposes only and does not constitute or form part of an offer or
solicitation of an offer to purchase or subscribe for securities in
the United States or in any
jurisdiction in which, or to any persons to whom, such offering,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any jurisdiction. The
securities referred to herein have not been and will not be
registered under the U.S. Securities Act of 1933 (the "U.S.
Securities Act") or applicable state securities laws, and may not
be offered or sold in the United
States or to U.S. persons (other than distributors) unless
such securities are registered under the U.S. Securities Act, or an
exemption from the registration requirements of the U.S. Securities
Act is available.
Forward looking statements
The press release include forward-looking statements within the
meaning of Section 27A of the Securities Act and Section 21E of the
Securities Exchange Act of 1934, including a potential offering of
the notes and shares, the conditions to the offerings, the use of
proceeds therefrom and other non-historical statements. These
forward-looking statements are subject to numerous risks,
uncertainties and assumptions, including risks relating to the
contemplated offering of the notes and shares, changes in market
conditions and other risks included in our filings with the
Securities and Exchange Commission including those set forth under
"Risk Factors" in our annual report on Form 20-F for the year ended
December 31, 2022 and in prospectuses
filed with the Norwegian Financial Supervisory Authority (FSA).
Forward-looking statements reflect knowledge and information
available at, and speak only as of, the date they are made. Except
as required by law, the Company undertakes no obligation to update
or revise publicly any forward-looking statements, whether as a
result of new information, future events or otherwise, after the
date hereof or to reflect the occurrence of unanticipated events.
Readers are cautioned not to place undue reliance on such
forward-looking statements.
The Board of Directors
Borr Drilling Limited
Hamilton, Bermuda
ir@borrdrilling.com
CONTACT:
Questions should be directed to:
Magnus Vaaler, CFO, +44 1224
289208
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SOURCE Borr Drilling Limited