HAMILTON, Bermuda, Oct. 24,
2023 /PRNewswire/ -- Borr Drilling Limited (the
"Company") (NYSE: BORR) (OSE: BORR) announced today that its
wholly-owned subsidiary Borr IHC Limited has priced its previously
announced offering of $1,540,000,000
in aggregate principal amount of senior secured notes, consisting
of $1,025,000,000 aggregate principal
amount of senior secured notes due 2028 at a price equal to
97.750%, bearing a coupon of 10.000% per annum and $515,000,000 aggregate principal amount of senior
secured notes due 2030 at a price equal to 97.000%, bearing a
coupon of 10.375% per annum.
The proceeds from the offering are intended to be used, together
with the proceeds from the Company's previously announced
$50 million private placement of
shares in Norway, to repay all of
the Company's outstanding secured borrowings, being the Company's
DNB Facility, Hayfin Facility, shipyard delivery financing
arrangements with OPPL and PPL, the Company's $150 million principal amount of 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. 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.
Settlement of the notes offering is expected on or about
November 7, 2023, and is subject to
customary closing conditions.
By the pricing of the notes, the conditions for the completion
of the private placement of shares are fulfilled subject only to
customary settlement procedures, and settlement is expected on
October 31, 2023, as previously
announced.
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.
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 21E of the Securities Exchange Act of 1934,
including the expected closing date of the notes offering and the
private placement of shares, the use of proceeds and other
non-historical statements. These forward-looking statements are
subject to numerous risks, uncertainties and assumptions, including
risks relating to the closing of the notes and the private
placement of the shares and use of proceeds 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.
October 24, 2023
The Board of Directors
Borr Drilling Limited
Hamilton, Bermuda
Contact:
Questions should be directed to: Magnus
Vaaler, CFO, +44 1224 289208
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SOURCE Borr Drilling Limited