FINWIRES · TerminalLIVE
FINWIRES

Borr Drilling Plans $250 Million Senior Notes Offering

-- Borr Drilling (BORR.OL) said Tuesday it plans to offer $250 million of convertible senior notes due 2033 to qualified institutional buyers.

The notes, which will pay interest semi-annually, can be converted into common shares or a mix of both stock and cash. Initial buyers will also be granted an overallotment option to buy up to an additional $37.5 million of the notes within 13 days.

The drilling contractor will use the proceeds to repurchase existing convertible bonds due 2028, as well as for general corporate purposes.

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