Borr Drilling prices $2.035B senior secured notes

Borr Drilling Limited announced that subsidiaries Borr IHC Limited and Borr Finance LLC have priced $2.035 billion in senior secured notes.

Rhea-AI Filing Summary

Borr Drilling Limited announced that subsidiaries Borr IHC Limited and Borr Finance LLC have priced $2.035 billion in senior secured notes. The issue comprises $1,100.0 million of 8.750% senior secured notes due 2032 and $935.0 million of 9.000% senior secured notes due 2034, upsized by $435.0 million from the initially contemplated amount.

The notes will be guaranteed by Borr Drilling and certain subsidiaries and secured on a senior basis by most rigs and other assets. Proceeds are intended to fully refinance the Company’s outstanding 10.000% senior secured notes due 2028 with $1,128.1 million outstanding and 10.375% senior secured notes due 2030 with $770.7 million outstanding, as well as for general corporate purposes and transaction costs. Settlement is expected on or about June 10, 2026, subject to customary closing conditions.

Insights

Credit markets analyst

Borr refinances expensive secured debt with a larger, longer-dated notes package.

Borr Drilling is issuing $2.035 billion of senior secured notes split between 8.750% due 2032 and 9.000% due 2034. These instruments are guaranteed by the company and key subsidiaries and secured by most rigs and certain other assets.

The company intends to use proceeds to fully refinance its existing 10.000% senior secured notes due 2028 with $1,128.1 million outstanding and 10.375% senior secured notes due 2030 with $770.7 million outstanding, plus general corporate purposes and fees. This extends maturities and modestly lowers coupon rates on a large portion of its capital structure.

Actual impact on leverage and interest cost will depend on the final closing of the offering and completion of the concurrent tender offer. Investors can look to future company filings after the expected June 10, 2026 settlement for updated net debt, coverage, and collateralization metrics.

Key Figures

Total new notes: $2.035 billion 2032 notes tranche: $1,100.0 million at 8.750% 2034 notes tranche: $935.0 million at 9.000% +4 more

7 metrics

Total new notes $2.035 billion Aggregate principal amount of senior secured notes

2032 notes tranche $1,100.0 million at 8.750% Senior secured notes due 2032

2034 notes tranche $935.0 million at 9.000% Senior secured notes due 2034

Existing 2028 notes $1,128.1 million at 10.000% Outstanding senior secured notes due 2028 to be refinanced

Existing 2030 notes $770.7 million at 10.375% Outstanding senior secured notes due 2030 to be refinanced

Upsize amount $435.0 million Increase over previously contemplated offering size

Expected settlement date June 10, 2026 Target settlement for new notes, subject to conditions

Key Terms

senior secured notes, aggregate principal amount, tender offer, EU Market Abuse Regulation, +1 more

5 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

"have 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

"to pay 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.

EU Market Abuse Regulation regulatory

"This information is considered to be inside information pursuant to the EU Market Abuse Regulation"

A set of EU-wide rules that prevent cheating in financial markets by banning insider trading, market manipulation, and misleading disclosure; it also requires timely public release of key company information so everyone can play on a level field. For investors, it reduces the risk that prices are driven by secret deals or false signals, making markets fairer and more reliable for deciding when to buy or sell — like referees enforcing fair play in a game.

Norwegian Securities Trading Act regulatory

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

The Norwegian Securities Trading Act is the national law that sets the rules for buying, selling and offering financial instruments in Norway, including requirements for fair disclosure, market conduct and investor protection. For investors it matters because it helps ensure companies and intermediaries provide accurate information and prevents abusive trading, much like traffic laws make driving safer and predictable so people can trust the market and make informed decisions.

FAQ

What type and size of notes is Borr Drilling (BORR) issuing?

Borr Drilling’s subsidiaries have priced senior secured notes totaling $2.035 billion. The offering includes $1,100.0 million of 8.750% notes due 2032 and $935.0 million of 9.000% notes due 2034, all secured by most rigs and certain other assets.

How will Borr Drilling (BORR) use the $2.035 billion notes proceeds?

Borr Drilling intends to use proceeds to fully refinance its 10.000% senior secured notes due 2028 with $1,128.1 million outstanding and 10.375% senior secured notes due 2030 with $770.7 million outstanding, plus general corporate purposes and related fees.

What interest rates apply to Borr Drilling’s new senior secured notes?

The new notes carry fixed coupons of 8.750% on $1,100.0 million due 2032 and 9.000% on $935.0 million due 2034. Both tranches are senior secured obligations, guaranteed by Borr Drilling and certain subsidiaries and secured by most rigs and specified assets.

When are Borr Drilling’s existing secured notes being refinanced due?

The existing secured notes targeted for refinancing are 10.000% senior secured notes due 2028, with $1,128.1 million outstanding, and 10.375% senior secured notes due 2030, with $770.7 million outstanding. Proceeds from the new notes are intended to repay these in full.

When is settlement of Borr Drilling’s new notes expected?

Settlement of the new senior secured notes is expected on or about June 10, 2026, subject to customary closing conditions. Final terms, including completion of the concurrent note tender offer, will be reflected in subsequent company disclosures once the transaction closes.

Who guarantees and secures Borr Drilling’s new senior secured notes?

The notes will be guaranteed by Borr Drilling Limited and certain subsidiaries. They will be secured on a senior basis by most of the company’s jack-up rigs and specified other assets of Borr Drilling and the subsidiary guarantors, enhancing creditor security.

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

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

May 27, 2026

Commission File Number 001-39007

Borr Drilling Limited

S. E. Pearman Building

2nd Floor 9 Par-la-Ville Road

Hamilton HM11

Bermuda

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Exhibits

99.1 Press Release

 SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	BORR DRILLING LIMITED
Date: May 27, 2026	By:	/s/ Mi Hong Yoon
	Name:	Mi Hong Yoon
	Title:	Director

Exhibit 99.1

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

Hamilton, Bermuda, May 27, 2026 – Borr Drilling Limited (NYSE and 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

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

Filing Exhibits & Attachments

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Press Releases

• EX-99.1 EXHIBIT 99.1 7.2 KB