Borr Drilling Limited - Announces Pricing and Upsize of $2.035 billion of Senior Secured Notes due 2032 and 2034

Borr Drilling (NYSE: BORR) priced an upsized $2.035 billion senior secured notes offering via subsidiaries, comprising $1.1 billion of 8.750% notes due 2032 and $935 million of 9.000% notes due 2034.

Rhea-AI Summary

Borr Drilling (NYSE: BORR) priced an upsized $2.035 billion senior secured notes offering via subsidiaries, comprising $1.1 billion of 8.750% notes due 2032 and $935 million of 9.000% notes due 2034.

Proceeds will refinance existing 10.000% 2028 and 10.375% 2030 notes, fund general corporate purposes, and pay related fees. Settlement is expected around June 10, 2026.

Positive

• Upsized notes offering to $2.035 billion, $435 million above initial amount
• Refinancing $1,128.1 million of 10.000% notes due 2028 with lower coupons
• Refinancing $770.7 million of 10.375% notes due 2030 with lower coupons
• Extends debt maturities out to 2032 and 2034
• Proceeds also available for general corporate purposes

Negative

• New senior secured notes total $2.035 billion in principal
• Notes secured on a senior basis by most rigs and certain other assets
• Notes are unregistered under the U.S. Securities Act of 1933, limiting U.S. offering

Argus May 28 session

+0.60% close to close Open Argus

Details

News Market Reaction – BORR

On May 28, the first trading day after this news, BORR closed 0.60% above the previous close.

Data tracked by StockTitan Argus for the May 28 session.

Key Figures

Total secured notes: $2.035 billion 2032 notes size: $1,100.0 million 2032 coupon: 8.750% +5 more

Total secured notes

$2.035 billion

Aggregate principal of new senior secured notes due 2032 and 2034

2032 notes size

$1,100.0 million

8.750% senior secured notes due 2032

2032 coupon

8.750%

Interest rate on senior secured notes due 2032

2034 notes size

$935.0 million

9.000% senior secured notes due 2034

2034 coupon

9.000%

Interest rate on senior secured notes due 2034

Offering upsize

$435.0 million

Increase over previously contemplated secured-notes amount

2028 notes outstanding

$1,128.1 million

10.000% Senior Secured Notes due 2028 to be refinanced

2030 notes outstanding

$770.7 million

10.375% Senior Secured Notes due 2030 to be refinanced

Historical Context

5 past events · Latest: May 26

5 events

1. May 26

   Investor presentation

   24h Move

   -3.4%

   Publication of updated investor presentation and materials on company website.

2. May 26

   Tender offers & consents

   24h Move

   -3.4%

   Cash tender offers and consents to refinance high-coupon 2028 and 2030 notes.

3. May 26

   Notes offering launch

   24h Move

   -3.4%

   Launch of planned $1.6 billion senior secured notes due 2032 and 2034.

4. May 21

   Q1 2026 presentation

   24h Move

   -8.7%

   Details and access information for Q1 2026 webcast and conference call.

5. May 20

   Q1 2026 earnings

   24h Move

   -8.7%

   Q1 results with lower revenue, net loss of $29.0M, and EBITDA decline.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

senior secured notes, aggregate principal amount, tender offer, registered under the U.S. Securities Act of 1933

4 terms

senior secured notes financial

"aggregate principal amount of senior secured notes consisting of (i) $1,100.0 million"

Senior secured notes are loans a company sells to investors that are backed by specific assets and given first priority for repayment if the company defaults. Because they have a claim on collateral and are paid before other debts, they usually offer lower risk and correspondingly lower interest than unsecured debt; investors use them to judge how safe repayment and recovery of principal might be, like holding a mortgage instead of an unsecured credit card balance.

aggregate principal amount financial

"priced an offering of $2.035 billion in aggregate principal amount of senior secured notes"

The aggregate principal amount is the total amount of money borrowed through a bond or loan that the borrower promises to repay. It’s like the original price tag on a loan or bond, showing how much money is involved in the deal. This number matters because it indicates the size of the debt and helps investors understand the scale of the borrowing.

tender offer financial

"fees and expenses related to the Notes offering and the concurrent tender offer."

A tender offer is a proposal made by a person or company to buy shares from existing shareholders at a set price, usually higher than the current market value, within a specific time frame. It matters to investors because it can lead to a change in ownership or control of a company, and shareholders must decide whether to sell their shares at the offered price.

View in glossary

registered under the U.S. Securities Act of 1933 regulatory

"unless such securities are registered under the U.S. Securities Act of 1933, or an exemption"

A security "registered under the U.S. Securities Act of 1933" means the issuer has filed detailed information with the U.S. Securities and Exchange Commission and made a formal prospectus available to the public. This registration is like a full ingredient label and safety sheet for an investment: it doesn’t guarantee success but gives investors access to standardized facts, required disclosures, and legal protections that make buying, selling and comparing offerings safer and more transparent.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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HAMILTON, Bermuda, May 28, 2026 /PRNewswire/ -- Borr Drilling Limited (NYSE: BORR) (OSE: BORR) ("Borr Drilling" the "Company") announced today that its wholly owned subsidiary, Borr IHC Limited, and its direct subsidiary, Borr Finance LLC, have priced an offering of $2.035 billion in aggregate principal amount of senior secured notes consisting of (i) $1,100.0 million aggregate principal amount of 8.750% senior secured notes due 2032 and (ii) $935.0 million aggregate principal amount of 9.000% senior secured notes due 2034 (the "Notes"), which represents an upsize of $435.0 million over the previously contemplated offering amount. The Notes will be guaranteed by the Company and certain of its subsidiaries and will be secured on a senior basis by most of the rigs and certain other assets of the Company and the subsidiary guarantors.

The proceeds from the Notes are intended to be used by the Company (i) to repurchase, redeem or otherwise refinance in full its outstanding 10.000% Senior Secured Notes due 2028, of which $1,128.1 million aggregate principal amount is currently outstanding, (ii) to repurchase, redeem or otherwise refinance in full its outstanding 10.375% Senior Secured Notes due 2030, of which $770.7 million aggregate principal amount is currently outstanding, (iii) for general corporate purposes and (iv) to pay fees and expenses related to the Notes offering and the concurrent tender offer. Settlement of the Notes is expected on or about June 10, 2026 and is subject to customary closing conditions.

This press release is for information purposes only and does not constitute or form part of an offer to sell or the solicitation of an offer to purchase or subscribe for securities, nor will there be any sale of the securities in any jurisdiction in which, or to any persons to whom, such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933 or applicable state securities laws, and may not be offered or sold in the United States or to U.S. persons (other than distributors) unless such securities are registered under the U.S. Securities Act of 1933, or an exemption from the registration requirements of that act is available.

About Borr Drilling
Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the New York Stock Exchange since July 31, 2019 and on Euronext Oslo Bors since May 21, 2026 under the ticker "BORR." The Company owns and operates jack-up rigs of modern and high specification designs and provides services focused on the shallow-water segment to the offshore oil and gas industry worldwide. Please visit our website at www.borrdrilling.com.

Forward-Looking Statements
This press release and related discussions include forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements do not reflect historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will", "ensure", "likely", "aim", "plan", "guidance" and similar expressions and include statements regarding the proposed offering of secured notes, the expected terms thereof and intended use of proceeds, including statements about the concurrent tender offer and other non-historical statements. Such forward-looking statements are subject to risks, uncertainties, contingencies and other factors that could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein, including risks related to the planned offering of secured notes and the use of proceeds, including the concurrent note tender offer, and other risks and uncertainties, including those described in our most recent annual report on Form 20-F for the year ended December 31, 2025 and our other filings with the Securities and Exchange Commission. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein. These forward-looking statements are made only as of the date of this release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and was published by Benjamin Wiseman, Senior Manager of Corporate Finance and Investor Relations in the Company, on the date and time provided herein.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

The Board of Directors
Borr Drilling Limited
Hamilton, Bermuda

CONTACT:

Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208

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SOURCE Borr Drilling Limited

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Borr Drilling (NYSE: BORR) announce about its 2026 senior secured notes offering?

Borr Drilling announced pricing of a $2.035 billion senior secured notes offering due 2032 and 2034. According to Borr Drilling, the deal was upsized by $435 million and will be guaranteed by the company and certain subsidiaries, secured by most rigs and other assets.

What are the interest rates and maturities of Borr Drilling's new senior secured notes BORR?

Borr Drilling priced 8.750% notes due 2032 and 9.000% notes due 2034 totaling $2.035 billion. According to Borr Drilling, $1.1 billion is allocated to the 2032 notes and $935 million to the 2034 notes, all senior secured and guaranteed by subsidiaries.

How will Borr Drilling use proceeds from the $2.035 billion BORR notes due 2032 and 2034?

Proceeds will primarily refinance existing higher‑coupon senior secured notes and fund general purposes. According to Borr Drilling, funds will fully repurchase, redeem or refinance its 10.000% 2028 notes and 10.375% 2030 notes, and cover related fees and expenses.

What existing debt is Borr Drilling refinancing with the new BORR senior secured notes?

Borr Drilling plans to refinance all outstanding 10.000% 2028 and 10.375% 2030 senior secured notes. According to Borr Drilling, $1,128.1 million of 2028 notes and $770.7 million of 2030 notes are currently outstanding and targeted for full repurchase, redemption or refinancing.

When is settlement expected for Borr Drilling's $2.035 billion senior secured notes offering BORR?

Settlement of the new senior secured notes is expected on or about June 10, 2026. According to Borr Drilling, completion remains subject to customary closing conditions, so the exact settlement date could vary slightly around that target timing.

Can U.S. investors freely buy Borr Drilling's new senior secured notes due 2032 and 2034?

The notes are not registered under the U.S. Securities Act of 1933, restricting U.S. offers. According to Borr Drilling, the securities may not be offered or sold in the United States or to U.S. persons unless registered or an applicable exemption from registration is available.