The Notes will be senior, unsecured responsibilities of the Business, pay interest semi-annually, fully grown in 2033, and be convertible into the Business’s typical shares, money, or a mix of shares and money, at the Business’s election.
The Business plans to utilize the net profits from the sale of the Notes (consisting of any Notes offered pursuant to the preliminary buyers’ alternative to buy extra Notes, if worked out) to redeem its existing convertible bonds due 2028 and for basic business functions.
This info is thought about to be details pursuant to the EU Market Abuse Policy and was released by Benjamin Wiseman, Senior Citizen Supervisor of Corporate Financing and Financier Relations in the Business, on the date and time supplied herein.
The Board of Directors
Borr Drilling Limited
Hamilton, Bermuda
CONTACT:
Concerns must be directed to: Magnus Vaaler, CFO, +44 1224 289208
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SOURCE Borr Drilling Limited
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HAMILTON, Bermuda, April 14, 2026/ PRNewswire/– Borr Drilling Limited (NYSE and Euronext Development Oslo: BORR) (” Borr Drilling” or the “Business”) today revealed that it plans to provide, based on market and other conditions, $250 million aggregate principal quantity of convertible senior notes due 2033 (the “Notes”) to certified institutional purchasers pursuant to Guideline 144A under the Securities Act of 1933. The Business likewise plans to give the preliminary buyers of the Notes an alternative to buy, within a 13-day duration starting on, and consisting of, the date on which the Notes are very first released, as much as an extra $37.5 million aggregate principal quantity of the Notes, entirely to cover over-allotments, if any, in connection with the offering.
The Business might redeem a part of its existing convertible bonds due 2028 simultaneously with the rates of the Notes in the offering, in which case the Business would participate in several different and separately worked out deals with several holders of the existing convertible bonds due 2028 to redeemed a part of the existing convertible bonds due 2028 on terms to be worked out with each holder (each, a “concurrent note redeemed deal”). The regards to each concurrent note redeemed deal will depend upon a range of elements. No guarantee can be offered regarding just how much, if any, of the existing convertible bonds due 2028 will be redeemed or the terms on which they will be redeemed. This news release is not a deal to redeem the existing convertible bonds due 2028, and the offering of the Notes is not contingent upon the repurchase of any of the existing convertible bonds due 2028.
In connection with any repurchase of the existing convertible bonds due 2028, the Business anticipates that holders of the existing convertible bonds due 2028 who consent to have their existing convertible bonds due 2028 redeemed and who have actually hedged their equity rate threat with regard to such notes (the “hedged holders”) might relax all or part of their hedge positions by buying the Business’s typical shares and/or participating in or relaxing numerous acquired deals with regard to the Business’s typical shares. The quantity of the Business’s typical shares to be acquired by the hedged holders or in connection with such acquired deals might be significant in relation to the historical typical everyday trading volume of the Business’s typical shares. This activity by the hedged holders might increase (or decrease the size of any reduction in) the marketplace rate of the Business’s typical shares, consisting of, when it comes to any concurrent note redeemed deals, simultaneously with the rates of the Notes, leading to a greater efficient conversion rate of the Notes. The Business can not forecast the magnitude of such market activity or the general impact it will have on the rate of the Notes or the Business’s typical shares.
This news release is for info functions just and does not make up or form part of a deal to offer or the solicitation of a deal to buy or subscribe for securities, nor will there be any sale of the securities in any jurisdiction in which such deal, solicitation or sale would be illegal. The securities described herein have actually not been and will not be signed up under the Securities Act of 1933 or relevant state securities laws, and might not be used or offered in the United States or to U.S. individuals (besides suppliers) unless such securities are signed up under the Securities Act of 1933, or an exemption from the registration requirements of that act is readily available.
About Borr Drilling
Borr Drilling Limited is a global drilling specialist included in Bermuda in 2016 and noted on the New York Stock Exchange considering that July 31, 2019 and on Euronext Development Oslo considering that December 19, 2025 under the ticker “BORR”. The Business owns and runs jack-up rigs of contemporary and high requirements styles and offers services concentrated on the shallow-water section to the overseas oil and gas market worldwide. Please visit our site at www.borrdrilling.com.
Positive Declarations
This news release and associated conversations consist of positive declarations made under the “safe harbor” arrangements of the U.S. Personal Securities Lawsuits Reform Act of 1995. Positive declarations do not show historic realities and might be recognized by words such as “expect”, “think”, “continue”, “price quote”, “anticipate”, “plans”, “might”, “must”, “will”, “guarantee”, “most likely”, “goal”, “strategy”, “assistance” and comparable expressions and consist of declarations concerning the proposed offering of convertible notes, the anticipated terms thereof and planned usage of profits, consisting of declarations about the concurrent note redeemed deal, and other non-historical declarations. Such positive declarations undergo threats, unpredictabilities, contingencies and other elements that might trigger real occasions to vary materially from the expectations revealed or indicated by the positive declarations consisted of herein, consisting of threats connected to the organized offering of convertible notes and making use of profits, consisting of the concurrent note redeemed deal, and other threats and unpredictabilities, consisting of those explained in our newest yearly report on Type 20-F for the year ended December 31, 2025 and our other filings with the Securities and Exchange Commission. Such threats, unpredictabilities, contingencies and other elements might trigger real occasions to vary materially from the expectations revealed or indicated by the positive declarations consisted of herein. These positive declarations are made just since the date of this release. We do not carry out to upgrade or modify the positive declarations, whether as an outcome of brand-new info, future occasions or otherwise.