Borr Drilling Limited Announces Launch Of Senior Secured Notes Offering; Subsidiary Borr Ihc, And Certain Other Units Intend To Offer $1.5B Worth Of Senior Secured Notes Due 2028 & 2030; Co Is Contemplating Private Placement In Norway Of ~$50M In Shares
Portfolio Pulse from Benzinga Newsdesk
Borr Drilling Limited (BORR) plans to offer $1.5 billion in senior secured notes due 2028 and 2030 through its subsidiary Borr IHC Limited. The company is also considering a private placement in Norway of approximately $50 million in shares. The proceeds from these offerings will be used to repay all of the company's outstanding secured borrowings. The pricing of the notes offering is expected on October 24, 2023.
October 23, 2023 | 4:53 pm
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Borr Drilling Limited's plan to offer $1.5 billion in senior secured notes and a $50 million private placement in Norway could potentially improve the company's financial position by repaying its outstanding secured borrowings.
The company's plan to offer senior secured notes and a private placement in Norway indicates a strategic move to improve its financial position by repaying its outstanding secured borrowings. This could potentially lead to a positive impact on the company's stock in the short term.
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