Borr Drilling (BORR.OL) said Monday that it completed the redemption of all remaining outstanding notes due 2028 and 2030 following tender offers.
The drilling contractor received valid and unrevoked tenders of notes amounting to 95.95% of the outstanding 10% senior secured notes due 2028 and 91.21% of the 10.375% senior unsecured notes due 2030. The company noted that it was able to redeem the remaining notes after receiving valid tenders exceeding 90% of the aggregate principal amount of both series of notes.
The company financed the redemptions using proceeds from its recently completed offerings of $1.1 billion worth of 8.750% senior secured notes due 2032 and $935 million worth of 9% notes due 2034.