Borr Drilling set initial talk on $150 million three-year notes at 9 5/8%-9 7/8%

By Paul A. Harris

Portland, Ore., Jan. 26 – Borr Drilling Ltd. talked a $150 million offering of three-year senior secured first-lien notes at 9 5/8% to 9 7/8%, according to market sources.

The roadshow was set to conclude on Thursday.

Joint bookrunner DNB Markets will bill and deliver, Clarksons Securities and Pareto Securities are also joint bookrunners.

Arctic Securities AS, Cleaves Securities and Fearnley Securities are co-managers.

The notes come with 18 months of call protection.

Proceeds will be used to help refinance the outstanding $350 million of 3 7/8% convertible bonds due May 23, 2023 and for general corporate purposes.

On Thursday Borr Drilling priced $250 million of 5% convertible notes due February 2028, with proceeds also designated for repayment of the 3 7/8% convertibles.

The hydrocarbon drilling services company maintains headquarters in Hamilton, Bermuda.

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