Borr Drilling Upsizes 2030 Tender to $877M and Issues $2.035B Notes
BORR•Borr Drilling expanded its cash tender offer to repurchase any and all outstanding 10.375% Senior Secured Notes due 2030, boosting capacity from $447.3 million to $877.1 million. Concurrently, it priced $2.035 billion of senior secured notes (8.75% due 2032, 9.0% due 2034) to refinance existing bonds.
1. Tender Offer Expansion
Borr IHC Limited increased its repurchase capacity for its 10.375% Senior Secured Notes due 2030 from $447.3 million to cover all outstanding principal of $877.1 million (adjusted to $770.7 million post-amortization), and amended financing conditions to require a successful $2,035 million New Notes Offering.
2. New Notes Pricing and Upsize
Borr Finance LLC and Borr IHC priced $2.035 billion of senior secured notes, comprising $1.1 billion of 8.75% notes due 2032 and $935 million of 9.0% notes due 2034, marking a $435 million increase over the initial offering size and secured by the company’s jack-up rigs and select assets.
3. Use of Proceeds and Settlement
Proceeds will refinance $1,128.1 million of 10.0% notes due 2028 and $770.7 million of 10.375% notes due 2030, fund the concurrent tender offer, and cover related fees and general corporate needs, with settlement expected on or about June 10, 2026, subject to customary conditions.
