#Senior Secured Notes #Bermuda #Hamilton #Borr Drilling #jack-up rigs

Borr Drilling Limited Prices Additional Senior Secured Notes Offering

Borr Drilling Limited, listed on the NYSE under the ticker symbol BORR, has recently declared the pricing details for its latest senior secured notes offering, which marks a significant step forward in its financial strategies for future growth. On December 9, 2025, the company announced that its wholly owned subsidiary, Borr IHC Limited, along with other subsidiaries, priced an offering for additional senior secured notes that carry a high interest rate of 10.375%. The gross proceeds from this latest offering are estimated to be around $165 million.

Understanding the Offering

The newly priced additional notes are set to mature in 2030 and will follow the same terms and conditions as the existing senior secured notes which are also due in 2030. This consistency in terms is expected to bolster investor confidence and provide a seamless integration of capital on the company's balance sheet.

According to the company's reports, the earnings from this offering will be strategically allocated towards several key initiatives. This includes the acquisition of five premium jack-up rigs previously announced just a day prior, on December 8, 2025. The jack-up rigs are considered crucial assets that will enhance Borr Drilling's operational capabilities in the offshore drilling sector.

Broader Financial Strategy

Moreover, the proceeds from the senior secured notes offering will not only facilitate rig acquisitions but will also support general corporate purposes, which could consist of debt servicing, capital expenditures, working capital funding, and potentially mergers and acquisitions. This comprehensive approach to utilizing the funds illustrates Borr Drilling's commitment to not just growth through acquisition, but also maintaining financial health and strategic operational flexibility.

The settlement of these additional notes is anticipated to occur around December 19, 2025, pending the satisfaction of customary closing conditions. As the company navigates through this process, it remains indicative of the firm’s proactive measures in managing financial resources to cater to its operational demands.

Regulatory Considerations and Forward-Looking Statements

While this announcement is informative, it is essential to note that it neither constitutes an offer to sell nor a solicitation to purchase any securities. Furthermore, the securities have not been registered under the U.S. Securities Act of 1933 and thus cannot be offered or sold in the United States, highlighting the regulatory complexities surrounding such financial operations.

The announcement does include forward-looking statements pertaining to the closing date of the notes offering and intended uses of proceeds. However, these statements are inherently subject to various risks and uncertainties, particularly those regarding the successful execution of their growth strategy and future market conditions. Investors are encouraged to review the detailed risks that may affect these projections, as outlined in Borr Drilling’s filings with the Securities and Exchange Commission, particularly in their Form 20-F annual report.

Conclusion

Borr Drilling Limited's recent pricing of additional senior secured notes signifies a strategic move within a rapidly evolving and competitive industry landscape. The company’s efforts to finance the acquisition of new rigs underline its commitment to enhancing operational capacity while also ensuring a strong financial foundation for future growth. As Borr Drilling continues to maneuver through its investment strategies, the outcome of this and similar future offerings will be essential in shaping its market position and operational success in the offshore drilling sector.