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FINWIRES

Borr Drilling Offers to Redeem All Outstanding 2030 Notes

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Borr Drilling (BORR.OL) on Thursday expanded its offer to repurchase its outstanding 10.375% senior secured notes due 2030 to the entire series from just $447.3 million of the principal amount.

The drilling contractor's Borr IHC subsidiary issued the 2030 notes with the principal amount of $877.1 million. It is offering to acquire every $1,000 of the notes for $1,010 plus $50 for early tenders.

The company intends to finance the redemption offer with proceeds from an issuance of at least $2.04 billion of new notes.

Borr Drilling also has an ongoing offer to acquire all $1.13 billion of outstanding notes from Borr IHC's $1.38 billion issuance of 10% senior secured notes due 2028.

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