Loan & DebtMay 26, 2026, 02:41 PM
Borr Drilling Announces Tender Offer for 2028 & 2030 Notes
AI Summary
Borr Drilling Limited announced cash tender offers for its 10.000% Senior Secured Notes Due 2028 and 10.375% Senior Secured Notes Due 2030. The company aims to purchase all outstanding 2028 Notes and up to $447.3 million of the 2030 Notes. The offers are contingent on a new $1.6 billion Senior Secured Notes offering due 2032 and 2034. Concurrently, Borr Drilling is soliciting consents to amend the indentures, which would remove restrictive covenants and release collateral liens.
Key Highlights
- Borr Drilling commenced cash tender offers for its 2028 and 2030 Senior Secured Notes.
- Offers to purchase any and all outstanding 10.000% Senior Secured Notes Due 2028.
- Offers to purchase up to $447,317,000 aggregate original principal amount of 10.375% Senior Secured Notes Due 2030.
- Early Tender Payment is $50.00 per $1,000 original principal amount, including a $2.50 Consent Payment.
- Total Consideration for 2030 Notes is $1,060.00 per $1,000 original principal amount.
- Tender offers are conditional on a new $1.6 billion Senior Secured Notes offering due 2032 and 2034.
- Consent solicitation seeks to remove restrictive covenants and release collateral liens on the notes.
- Early Tender/Consent Deadline is June 8, 2026, and the Tender Offer Expiration Time is June 24, 2026.
Price Impact
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