By Abigail W. Adams
Portland, Me., Jan. 26 – Borr Drilling Ltd. priced $250 million of five-year convertible notes after the market close on Wednesday at par with a coupon of 5% and an initial conversion premium of 32.5%, according to a company news release.
Clarksons Securities AS, DNB Markets and Pareto Securities AS were bookrunners for the Regulation S offering.
The company and major shareholder Drew Holdings will enter into stock lending arrangements for up to 25 million shares to facilitate hedging activity with Drew Holdings making 15 million shares available immediately.
Proceeds will be used to help refinance the $350 million outstanding of its 3.875% convertible notes due May 23, 2023.
Borr Drilling is a Hamilton, Bermuda-based oil and gas drilling contractor.
| Issuer: | Borr Drilling Ltd.
|
| Amount: | $250 million
|
| Issue: | Senior convertible bonds
|
| Maturity: | Feb. 8, 2028
|
| Bookrunners: | Clarksons Securities AS, DNB Markets and Pareto Securities AS
|
| Co-managers: | Arctic Securities AS, Cleaves Securities AS and Fearnley Securities AS
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Conversion premium: | 32.5%
|
| Conversion price: | $7.3471
|
| Pricing date: | Jan. 25
|
| Settlement date: | Feb. 8
|
| Distribution: | Regulation S
|
| Stock symbol: | Oslo: BORR
|
| Stock price: | $5.545
|
| Market capitalization: | NOK 13 billion
|
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