#Tender Offer #Bermuda #Hamilton #2028 Notes #Borr Drilling

Borr Drilling Limited Announces Pricing Terms for Tender Offer

On June 9, 2026, Borr Drilling Limited (NYSE: BORR), a key player in the offshore drilling industry, disclosed the pricing terms of its previously announced consent solicitation and tender offer for its senior secured notes due 2028. With its wholly owned subsidiary, Borr IHC Limited, the company aims to repurchase its outstanding notes to streamline its debt structure and enhance financial stability.

The tender offer includes the purchase of the 10.000% Senior Secured Notes set to mature in 2028, as well as the 10.375% Senior Secured Notes due in 2030. The offering is part of an effort to optimize the company’s capital structure and provide existing noteholders with attractive buyback terms.

From the recent announcement, Borr Drilling established that for any of the 2028 notes validly tendered prior to the deadline of June 8, 2026, the total consideration will be approximately $1,048.36 per $1,000 original principal amount. This figure factors in a fixed spread of 50 basis points above the reference yield based on U.S. Treasury securities, which underscores the competitive nature of the offer to encourage maximum participation from noteholders.

Borr Drilling’s management emphasizes the importance of this tender offer as a strategic measure to strengthen their balance sheet. The company’s leadership believes it will not only improve liquidity but also provide a favorable environment for growth going forward. The overall plan includes ensuring that the transaction aligns with their broader strategic objectives in the offshore drilling market.

According to the terms highlighted in the tender offer statement issued on May 26, 2026, investors who continue to participate will have the option to tender their notes until June 24, 2026, unless the company extends or terminates the offer earlier. This reflects Borr Drilling’s commitment to serving the interests of its bondholders and fostering transparent communication about corporate decisions and market actions.

A substantive element of the offer is the incorporation of a consent solicitation, allowing noteholders to provide their consent for potential amendments to the indenture governing the notes. This process is perceived as a proactive approach that could lead to enhanced terms for existing investors, paving the way for more accommodating financial arrangements in the future.

In terms of execution, Citigroup Global Markets Inc. is acting as the dealer manager and solicitation agent for the tender offer and consent solicitation. Interested investors may reach out to Citigroup for any inquiries regarding the terms outlined in the documentation. Borr Drilling aims to ensure that the offer process is as smooth and transparent as possible.

Borr Drilling Limited, incorporated in Bermuda, has established its presence as a prominent drilling contractor, focusing on modern technologies and efficiency strategies within the offshore oil and gas sector. The company has seen impressive growth since its listing on the New York Stock Exchange in 2019 and has positioned itself to capture strategic opportunities as the energy sector evolves.

This announcement is vital for existing and potential investors as it lays out the recommended terms for participation in the ongoing debt restructuring efforts of Borr Drilling. By actively managing its financial obligations, the company signals its commitment to operational excellence and financial prudence in an evolving market landscape.

For more information about the offer, investors can access detailed terms via the company’s official communications or engage directly with the appointed agents for personal clarifications.

In conclusion, Borr Drilling's proactive measures reflect a responsible approach in navigating its financial obligations while continuing to explore further growth avenues in the offshore drilling industry. The forthcoming deadlines for the tender offer create a time-sensitive opportunity for bondholders to evaluate their involvement in this corporate move carefully.