HAMILTON, Bermuda, Feb. 27,
2024 /PRNewswire/ -- Borr Drilling Limited (the
"Company") (NYSE and OSE: BORR) announced today that its
wholly-owned subsidiary Borr IHC Limited has priced an offering of
an additional $200 million in
aggregate principal amount of 10.000% senior secured notes due 2028
(the "Additional Notes").
The Additional Notes will have the same terms and conditions as
the $1,025,000,000 aggregate
principal amount of senior secured notes due 2028, which were
issued on November 7, 2023 (the
"Original 2028 Notes"). The Additional Notes mature on
November 15, 2028. The Additional
Notes will be treated as additional notes under the indenture and
will be issued bearing the same ISIN and common codes as the
Original 2028 Notes, and will be fully fungible and
constitute a single series with the Original 2028 Notes.
The proceeds from the offering are intended to be used for
general corporate purposes, which may include, among other things,
capital expenditures, including delivery costs for newbuild
rigs on order, costs in connection with activations of these rigs,
optimization of the shipyard newbuild financing currently in place
and select asset additions, or funding of our working capital.
Settlement of the notes offering is expected on or about
March 12, 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 includes 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 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 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.
February 27, 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