#Senior Secured Notes #Tender Offer #Bermuda #Hamilton #Borr Drilling

Borr Drilling Limited's Early Tender Results

Borr Drilling Limited, a prominent international drilling contractor, has revealed early results pertaining to its recent tender offer and consent solicitation for its senior secured notes. As of 5:00 PM New York City time on June 8, 2026, the company provided insights into the level of participation from noteholders, marking a significant response to its offer.

The tender offer, aimed at purchasing cash for its outstanding 10% Senior Secured Notes due 2028 and 10.375% Senior Secured Notes due 2030, has seen impressive results. According to data provided by Global Bondholder Services Corporation—the appointed tender agent—over 95.92% of the 2028 notes and 90.56% of the 2030 notes were validly tendered by holders. In total, this represents approximately 93.84% of the aggregate principal amount of all notes currently outstanding.

In conjunction with this offer, Borr Drilling sought consent from its bondholders for proposed amendments to the existing indenture. Given the overwhelming response—which exceeded the required 90% threshold—Borr plans to notify remaining noteholders about the redemption of their outstanding notes at a price equal to that offered to tenderers, plus accrued interest.

This well-received tender offer reflects the company's strategy to optimize its capital structure while ensuring compliance with cost dynamics in the offshore drilling market. The planned redemption is tuned to empower the company’s ongoing operations and financial health in a competitive environment.

Additionally, the company indicated a closing date of June 10, 2026, for the new notes offering, which includes $1.1 billion of 8.75% Senior Secured Notes due 2032 and $935 million of 9% Senior Secured Notes due 2034. This financing, part of the conditional transactions tied to the tender offer, signifies Borr Drilling's commitment to enhancing its financial position.

Borr Drilling's proactive measures to address the existing financial vehicle through this tender offer come amid its ongoing efforts to consolidate its market foothold while navigating through a competitive landscape. The company's latest ventures indicate a focus on improving its liquidity and adapting to market fluctuations effectively.

Important Notes

The tender offer is still open for submissions until 5:00 PM New York City time on June 24, 2026. After this date, holders are encouraged to stay informed about the terms and implications associated with the tender offer and its relation to other financial activities undertaken by Borr Drilling. The company has engaged Citigroup Global Markets as the dealer manager to facilitate this process and handle inquiries.

As Borr Drilling progresses with its operational refinements, further announcements regarding the outcomes of both the tender and consent solicitation processes are anticipated, reflecting its ongoing commitment to transparency and shareholder engagement. The successful completion of these financial maneuvers may notably enhance its prospects and operational efficiency in the global drilling market.

About Borr Drilling Limited

Founded in 2016, Borr Drilling Limited has swiftly emerged as a key player in the international offshore drilling sector, primarily focused on shallow-water services utilizing high-specification jack-up rigs. The company was officially listed on both the New York Stock Exchange and Euronext Oslo Børs, identifying itself as an authoritative entity in meeting offshore oil and gas demands. For further details on its operations and financial activities, visit Borr Drilling's official website.