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.