New Issue: Borr Drilling prices $200 million tap of 10% notes due 2028

By Paul A. Harris

Portland, Ore., Feb. 27 – Borr Drilling Ltd. announced in a Wednesday press release that it has priced a $200 million add-on to the Borr IHC Ltd. 10% senior secured notes due Nov. 15, 2028.

The Hamilton, Bermuda-based drilling contractor plans to use the proceeds 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 working capital.

Borr IHC is a wholly owned subsidiary of Borr Drilling.

Issuers:	Borr Drilling Ltd. and Borr IHC Ltd.
Amount:	$200 million
Issue:	Add-on to senior secured notes
Maturity:	Nov. 15, 2028
Coupon:	10%
Trade date:	Feb. 27
Settlement date:	March 12
Format:	Non-registered
Original issue:	$1,025,000,000 priced in October 2023
Fungibility:	Add-on notes to become fungible with original notes
Total issue size:	$1,225,000,000

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