Borr Drilling Limited Upsizes Notes Offering to $2.035 Billion Due 2032 and 2034
Borr Drilling Limited, a prominent name in the offshore drilling sector, recently announced substantial updates regarding its financing strategy. The company, headquartered in Hamilton, Bermuda, has revealed that its wholly owned subsidiary, Borr IHC Limited, along with direct subsidiary Borr Finance LLC, has priced an aggregate offering of senior secured notes amounting to an impressive $2.035 billion. These notes comprise $1.1 billion of 8.750% senior secured notes due in 2032, and $935 million of 9.000% senior secured notes maturing in 2034. Notably, this represents a significant upsizing of $435 million over the initially anticipated offering amount.
According to the company’s announcement, the new notes are set to be guaranteed by Borr Drilling itself and other specified subsidiaries. Crucially, they will be secured on a senior basis by most of the company's rigs and various additional assets belonging to both the company and the subsidiary guarantors. As part of this strategic move, the proceeds from the notes are earmarked for multiple objectives. Primarily, the funds will be utilized to repurchase, redeem, or refinance in full the existing 10.000% Senior Secured Notes due in 2028, which currently have an aggregate principal amount of $1.128 billion outstanding. Additionally, the company plans to address its 10.375% Senior Secured Notes due in 2030, with an outstanding amount of $770 million.
This financing initiative serves not only to restructure current debt obligations but also to support various corporate purposes, including covering fees and expenses linked to this notes offering and the concurrent tender offer.
Looking ahead, the settlement of these notes is anticipated to occur on or around June 10, 2026, contingent upon standard closing conditions. It’s essential to note that this press release is primarily intended for informational purposes. As such, it does not constitute an invitation or offer to sell or solicit offers to purchase or subscribe for any securities.
Furthermore, the notes referenced in this announcement have not been registered under the U.S. Securities Act of 1933, nor under applicable state securities laws, hence they cannot be sold or offered in the United States without proper registration or an exemption to the registration requirements.
Borr Drilling Limited was incorporated in Bermuda in 2016 and has been publicly traded on the New York Stock Exchange since July 31, 2019, as well as on the Euronext Oslo Børse since May 21, 2026, under the ticker 'BORR.' The company specializes in owning and operating state-of-the-art jack-up rigs, focusing primarily on supplying services to the shallow-water segment of the global offshore oil and gas industry. Individuals interested in learning more about Borr Drilling Limited can visit the official company website at www.borrdrilling.com.
In the wake of this announcement, industry analysts will undoubtedly keep a close eye on Borr Drilling's financial maneuvers and how they may impact the company’s long-term growth strategies. This upsized notes offering reflects Borr Drilling's proactive approach to managing its financial obligations amid fluctuating market conditions, ensuring it remains a key player in the offshore drilling landscape.
According to the company’s announcement, the new notes are set to be guaranteed by Borr Drilling itself and other specified subsidiaries. Crucially, they will be secured on a senior basis by most of the company's rigs and various additional assets belonging to both the company and the subsidiary guarantors. As part of this strategic move, the proceeds from the notes are earmarked for multiple objectives. Primarily, the funds will be utilized to repurchase, redeem, or refinance in full the existing 10.000% Senior Secured Notes due in 2028, which currently have an aggregate principal amount of $1.128 billion outstanding. Additionally, the company plans to address its 10.375% Senior Secured Notes due in 2030, with an outstanding amount of $770 million.
This financing initiative serves not only to restructure current debt obligations but also to support various corporate purposes, including covering fees and expenses linked to this notes offering and the concurrent tender offer.
Looking ahead, the settlement of these notes is anticipated to occur on or around June 10, 2026, contingent upon standard closing conditions. It’s essential to note that this press release is primarily intended for informational purposes. As such, it does not constitute an invitation or offer to sell or solicit offers to purchase or subscribe for any securities.
Furthermore, the notes referenced in this announcement have not been registered under the U.S. Securities Act of 1933, nor under applicable state securities laws, hence they cannot be sold or offered in the United States without proper registration or an exemption to the registration requirements.
Borr Drilling Limited was incorporated in Bermuda in 2016 and has been publicly traded on the New York Stock Exchange since July 31, 2019, as well as on the Euronext Oslo Børse since May 21, 2026, under the ticker 'BORR.' The company specializes in owning and operating state-of-the-art jack-up rigs, focusing primarily on supplying services to the shallow-water segment of the global offshore oil and gas industry. Individuals interested in learning more about Borr Drilling Limited can visit the official company website at www.borrdrilling.com.
In the wake of this announcement, industry analysts will undoubtedly keep a close eye on Borr Drilling's financial maneuvers and how they may impact the company’s long-term growth strategies. This upsized notes offering reflects Borr Drilling's proactive approach to managing its financial obligations amid fluctuating market conditions, ensuring it remains a key player in the offshore drilling landscape.
Topics Financial Services & Investing）
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