HAMILTON, Bermuda, Oct. 25,
2024 /PRNewswire/ -- Borr Drilling Limited (the
"Company") (NYSE: BORR) (OSE: BORR) announced today that its
wholly-owned subsidiary Borr IHC Limited has priced an offering of
additional 10.375% senior secured notes due 2030 (the "Additional
Notes") for gross proceeds of approximately $175 million.
The Additional Notes will have the same terms and conditions as
the existing $515 million aggregate
principal amount of senior secured notes due 2030.
The proceeds from the offering are intended to be used for the
acquisition and activation costs for the newbuild rig "Var", which
is expected to be delivered on November 15,
2024, instead of the previously secured yard financing, as
the terms and pricing for the Additional Notes are more
advantageous, and for general corporate purposes including debt
service. Settlement of the notes offering is expected on or about
November 8, 2024 and is subject to
customary closing conditions.
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.
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 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 Additional Notes
offering, the intended 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 Additional Notes and actual 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, 2023 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 25, 2024
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