Borr Drilling Limited - Announces Increase in Tender Amount for Notes Due 2030
Borr Drilling Limited - Announces Increase in Tender Amount for Notes Due 2030 |
| [27-May-2026] |
HAMILTON, Bermuda, May 28, 2026 /PRNewswire/ -- Borr Drilling Limited (NYSE: BORR) (OSE: BORR) ("Borr Drilling" or the "Company") today announced that its wholly owned subsidiary, Borr IHC Limited (the "Issuer"), has increased the principal amount of the Issuer's outstanding 10.375% Senior Secured Notes due 2030 (the "2030 Notes") that it can repurchase under its previously announced cash tender offer (the "Tender Offer") from $447.3 million of original principal amount to any and all of the 2030 Notes, on the terms and subject to the conditions set forth in the Issuer's Offer to Purchase and Consent Solicitation Statement dated May 26, 2026 (the "Statement"). As of the date hereof, $877.1 million in original aggregate principal amount of 2030 Notes (amounting to $770.7 million in aggregate principal amount after adjusting for amortization payments) is outstanding. Consistent with amending the Tender Offer to be in respect of any and all 2030 Notes, the Issuer has amended the Financing Condition of the Tender Offer to provide that the Issuer's obligation to accept for purchase, and to pay for, 2030 Notes validly tendered and not validly withdrawn is subject to the satisfaction or waiver of certain conditions, including, among other things, the completion of the New Notes Offering in aggregate principal amount equal to at least $2,035 million, on terms satisfactory to the Issuer in its sole discretion. The complete terms and conditions of the Tender Offer are set forth in the Statement. The Tender Offer is being made solely by means of the Statement. Under no circumstances shall this press release constitute an offer to purchase or sell or the solicitation of an offer to purchase or sell the 2030 Notes or any other securities of the Issuer or any other person, nor shall there be any offer or sale of any 2030 Notes or other securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In addition, nothing contained herein constitutes a notice of redemption of the 2030 Notes. No recommendation is made as to whether holders of the 2030 Notes should tender their 2030 Notes. Information Relating to the Tender Offer and the Consent Solicitation This press release is for information purposes only and does not constitute or form part of an offer to sell or the solicitation of an offer to purchase or subscribe for securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities to be issued in the referred to herein have not been and will not be registered under the Securities Act of 1933 or applicable state securities laws, and may not be offered or sold in the United States or to U.S. persons (other than distributors) unless such securities are registered under the Securities Act of 1933, or an exemption from the registration requirements of that act is available. About Borr Drilling Forward-Looking Statements This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. The Board of Directors CONTACT: Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208 This information was brought to you by Cision http://news.cision.com
SOURCE Borr Drilling Limited | ||
Company Codes: ISIN:BMG1466R1732,NYSE:BORR,Oslo:BORR |
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