Borr Drilling plans $1.6B senior secured notes issue

Borr Drilling Limited plans a new debt financing through its subsidiaries Borr IHC Limited and Borr Finance LLC, which intend to offer, subject to market conditions, $1.6 billion in senior secured notes due 2032 and 2034.

Rhea-AI Filing Summary

Borr Drilling Limited plans a new debt financing through its subsidiaries Borr IHC Limited and Borr Finance LLC, which intend to offer, subject to market conditions, $1.6 billion in senior secured notes due 2032 and 2034.

The notes will be guaranteed by Borr Drilling and certain subsidiaries and secured by most of its rigs and other assets. The company aims to use the proceeds, with cash on hand, to fully refinance its 10.000% Senior Secured Notes due 2028 and up to $447.3 million original principal of its 10.375% Senior Secured Notes due 2030, and to pay related fees and expenses. Pricing is expected on or about May 28, 2026, with the concurrent tender offer settlement conditioned on successful pricing and settlement of the new notes.

Insights

Credit and capital structure analyst

Borr refinances costly secured notes with new $1.6B issue.

Borr Drilling plans to issue $1.6 billion of senior secured notes maturing in 2032 and 2034. These notes are guaranteed by the parent and key subsidiaries and are secured by most rigs and certain other assets, reinforcing creditors’ claims.

The company intends to use proceeds plus cash on hand to retire its 10.000% Senior Secured Notes due 2028 and up to $447.3 million original principal of 10.375% Senior Secured Notes due 2030, alongside transaction fees and expenses. Economic benefit will depend on final pricing versus existing coupons.

The offering and a concurrent tender offer are closely linked: tender settlement is conditioned on successful pricing and settlement of the new notes, with pricing expected around May 28, 2026. Subsequent company disclosures may detail final terms, covenants and residual debt mix after completion.

Key Figures

New notes offering size: $1,600,000,000 aggregate principal amount Existing 2028 notes coupon: 10.000% Senior Secured Notes Existing 2030 notes coupon: 10.375% Senior Secured Notes +5 more

8 metrics

New notes offering size $1,600,000,000 aggregate principal amount Senior secured notes due 2032 and 2034

Existing 2028 notes coupon 10.000% Senior Secured Notes Targeted for full refinancing

Existing 2030 notes coupon 10.375% Senior Secured Notes Partially targeted for refinancing

2030 notes original principal targeted $447.3 million original principal amount 10.375% Senior Secured Notes due 2030

2030 notes principal outstanding $393.0 million principal amount After amortization payments, before refinancing

New notes maturities 2032 and 2034 Senior secured notes due dates

Existing notes maturity years 2028 and 2030 High-coupon notes being refinanced

Expected pricing date On or about May 28, 2026 Pricing of the notes offering

Key Terms

senior secured notes, aggregate principal amount, tender offer, guaranteed, +2 more

6 terms

senior secured notes financial

"intend to offer, subject to market conditions, $1,600,000,000 in aggregate principal amount of senior secured notes due 2032 and 2034"

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

"intend to offer, subject to market conditions, $1,600,000,000 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

"including pursuant to the concurrent tender offer and 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.

guaranteed financial

"The Notes will be guaranteed by the Company and certain of its subsidiaries"

A guarantee is a formal promise that a payment or obligation will be met even if the original party cannot fulfill it, often provided by a third party, insurer, or legal contract. For investors it signals lower risk—similar to a co-signer on a loan—because the guarantor should cover missed payments or performance, but the protection only matters as much as the guarantor’s financial strength and the legal enforceability of the promise.

secured on a senior basis financial

"and will be secured on a senior basis by most of the rigs and certain other assets"

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.

FAQ

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

What debt offering did Borr Drilling (BORR) announce in this 6-K?

Borr Drilling announced that its subsidiaries plan to offer $1.6 billion in senior secured notes due 2032 and 2034. The notes will be guaranteed by the company and certain subsidiaries and secured by most of its jack-up rigs and related assets.

How will Borr Drilling (BORR) use the proceeds from the $1.6 billion notes?

Borr Drilling intends to use the notes proceeds, together with cash on hand, to repurchase, redeem or otherwise fully refinance its 10.000% Senior Secured Notes due 2028 and up to $447.3 million original principal of 10.375% Senior Secured Notes due 2030, plus fees and expenses.

What are the guarantees and collateral for Borr Drilling’s new senior secured notes?

The new 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 rigs and certain other assets of Borr Drilling and the subsidiary guarantors, strengthening creditor security interests.

When does Borr Drilling expect to price the new senior secured notes?

Pricing of the senior secured notes offering is expected on or about May 28, 2026. Settlement of the concurrent tender offer for existing notes is conditioned on the successful pricing and settlement of this new notes offering under stated market conditions.

Which existing Borr Drilling (BORR) notes are targeted for refinancing?

The company plans to refinance its outstanding 10.000% Senior Secured Notes due 2028 and up to $447.3 million aggregate original principal of its 10.375% Senior Secured Notes due 2030, representing $393.0 million principal outstanding after amortization payments.

Are Borr Drilling’s new senior secured notes registered under the U.S. Securities Act?

The new senior secured notes have not been and will not be registered under the U.S. Securities Act of 1933. They may not be offered or sold in the United States or to U.S. persons unless an exemption from the registration requirements is available.

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

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Accepted by SEC EDGAR 05/26/2026 - 03:19 PM Learn about SEC filing dates

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 26, 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 26, 2026	By:	/s/ Mi Hong Yoon
	Name:	Mi Hong Yoon
	Title:	Director

Exhibit 99.1

Borr Drilling Limited – Announces Launch of Senior Secured Notes Offering

Hamilton, Bermuda, May 26, 2026 – Borr Drilling Limited (NYSE and OSE: BORR) (“Borr Drilling” or the “Company”) announced today that its wholly owned subsidiary, Borr IHC Limited, and its direct subsidiary Borr Finance LLC intend to offer, subject to market conditions, $1,600,000,000 in aggregate principal amount of senior secured notes due 2032 and 2034 (the “Notes”). 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, together with cash on hand, to repurchase, redeem or otherwise refinance in full its outstanding 10.000% Senior Secured Notes due 2028 and up to $447.3 million in aggregate original principal amount of its outstanding 10.375% Senior Secured Notes due 2030 (representing $393.0 million in aggregate principal amount outstanding after giving effect to amortization payments) (including pursuant to the concurrent tender offer) and to pay fees and expenses related to the Notes offering and the concurrent tender offer.

Pricing of the Notes offering is expected on or about May 28, 2026.

The settlement of the tender offer is subject to certain conditions, including the pricing and settlement of the Notes offering.

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 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 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.

The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

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

2

Filing Exhibits & Attachments

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Press Releases

• EX-99.1 EXHIBIT 99.1 7.1 KB