Borr Drilling considers $180 million super senior revolver

By William Gullotti

Buffalo, N.Y., Oct. 23 – In connection with its upcoming $1.5 billion secured note offering, Borr Drilling Ltd. is further considering a $180 million super senior revolving credit facility, according to a notice Thursday.

The considered revolver would be secured on a super senior basis by the same collateral that will secure the notes. The note offering will be guaranteed by Borr and certain subsidiaries and secured on a senior basis by substantially all of the assets of the company and certain subsidiary guarantors.

The notes, which will be issued by wholly owned subsidiary Borr IHC Ltd. and due 2028 and 2030, are expected to price on Tuesday.

Proceeds from the note offering are intended to be used, together with the proceeds from a $50 million private equity placement, to repay all of Borr’s outstanding secured borrowings under its DNB facility, its Hayfin facility, the shipyard delivery financing arrangements with OPPL and PPL and the $150 million Norwegian law senior secured bonds and to pay the related costs of each. Any remainder will be used for general corporate purposes.

Borr Drilling is a drilling service provider for the oil and gas exploration and production industry with corporate headquarters in Oslo, registered office in Hamilton, Bermuda, and operational headquarters in Dubai.

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