Loan & DebtJun 9, 2026, 12:51 PM
Borr Drilling Tender Offer for Notes Reaches 93.84% Early Participation
AI Summary
Borr Drilling Limited announced early tender results for its offer to purchase outstanding 2028 and 2030 Senior Secured Notes. The company achieved 93.84% participation by the early deadline, with 95.92% of 2028 Notes and 90.56% of 2030 Notes tendered. Following this, the Issuer intends to redeem all remaining outstanding notes and has executed supplemental indentures to amend covenants and release collateral liens, contingent on the Early Settlement Date. This refinancing is supported by a new $2.035 billion notes offering.
Key Highlights
- 93.84% of aggregate original principal amount of Notes tendered by early deadline.
- 95.92% of 2028 Notes ($1,324,402,000) tendered by Early Tender/Consent Deadline.
- 90.56% of 2030 Notes ($794,306,000) tendered by Early Tender/Consent Deadline.
- Issuer intends to redeem all remaining outstanding 2028 and 2030 Notes.
- Supplemental indentures executed to remove covenants and release collateral liens.
- New Notes Offering priced at $1,100,000,000 8.750% due 2032 and $935,000,000 9.000% due 2034.
- Tender offer continues until June 24, 2026, for remaining holders.
Price Impact
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