Loan & DebtMay 26, 2026, 03:26 PM
Borr Drilling Launches $1.6B Senior Secured Notes Offering
AI Summary
Borr Drilling Limited announced that its wholly owned subsidiary, Borr IHC Limited, and its direct subsidiary Borr Finance LLC, intend to offer $1.6 billion in senior secured notes due 2032 and 2034. The proceeds from this offering, combined with cash on hand, are intended to refinance the company's outstanding 10.000% Senior Secured Notes due 2028 and up to $447.3 million of its 10.375% Senior Secured Notes due 2030. The new notes will be guaranteed by Borr Drilling and certain subsidiaries and secured by most of the company's rigs and assets.
Key Highlights
- Borr Drilling subsidiaries to offer $1.6 billion in aggregate principal amount of senior secured notes.
- The new senior secured notes will be due in 2032 and 2034.
- Proceeds will be used to repurchase or redeem outstanding 10.000% Senior Secured Notes due 2028.
- Proceeds will also refinance up to $447.3 million of 10.375% Senior Secured Notes due 2030.
- The notes will be guaranteed by Borr Drilling and certain subsidiaries.
- The notes will be secured on a senior basis by most of the company's rigs and other assets.
- Pricing of the notes offering is expected on or about May 28, 2026.
Price Impact
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