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Borr Drilling Units Prices $2 Billion Senior Notes Offering

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Borr Drilling (BORR.OL) units Borr IHC and Borr Finance priced an offering of senior secured notes worth $2.04 billion, according to a Thursday release.

The offering comprises $1.10 billion of 8.750% senior secured notes due 2032 and an $935 million of 9% of senior secured notes due 2034, which were upsized by $435 million. Settlement is expected by June 10, 2026, subject to customary closing conditions.

The drilling contractor added that proceeds from the offering will be used to redeem or refinance $1.13 billion of outstanding 10% senior secured notes due 2028, $770.7 million of outstanding 10.375% senior secured notes due 2030, for general corporate purposes, and to cover the fees and expenses of the offering.

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