Borr Drilling Announces Pricing Terms for 2028/2030 Notes Tender Offer and Consent Solicitation

Borr Drilling Limited announced pricing terms for its previously announced tender offer and consent solicitation for its outstanding senior secured notes. The company's subsidiary, Borr IHC Limited, is offering to purchase for cash any and all of its 10.000% Senior Secured Notes due 2028 and 10.375% Senior Secured Notes due 2030. The total consideration for the 2028 Notes is $1,048.36 per $1,000 original principal amount, which includes an early tender payment and consent payment of $2.50 per $1,000. The tender offer and consent solicitation will remain open until June 24, 2026, unless extended or terminated. The company has engaged Citigroup Global Markets as dealer manager and solicitation agent. The transaction is subject to various conditions including financing conditions and supplemental indenture requirements. This move represents a strategic debt management initiative by the offshore drilling contractor.