Borr drilling limited announces pricing of senior secured notes

Hamilton, bermuda , oct. 24, 2023 /prnewswire/ -- borr drilling limited (the "company") (nyse: borr) (ose: borr) announced today that its wholly-owned subsidiary borr ihc limited has priced its previously announced offering of $1,540,000,000 in aggregate principal amount of senior secured notes, consisting of $1,025,000,000 aggregate principal amount of senior secured notes due 2028 at a price equal to 97.750%, bearing a coupon of 10.000% per annum and $515,000,000 aggregate principal amount of senior secured notes due 2030 at a price equal to 97.000%, bearing a coupon of 10.375% per annum. the proceeds from the offering are intended to be used, together with the proceeds from the company's previously announced $50 million private placement of shares in norway, to repay all of the company's outstanding secured borrowings, being the company's dnb facility, hayfin facility, shipyard delivery financing arrangements with oppl and ppl, the company's $150 million principal amount of norwegian law senior secured bonds, and to pay related premiums, fees, accrued interest and expenses, in connection with the foregoing, and the remainder, if any, for general corporate purposes.
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