Borr Drilling Secures $175 Million for New Rig

Borr Drilling (BORR) has released an update.

Borr Drilling’s subsidiary, Borr IHC Limited, has successfully priced an offering of additional senior secured notes for $175 million, intended to finance the acquisition and activation of a new rig, ‘Var’, and other corporate needs. The decision was made to replace previously secured financing due to more favorable terms of the new offering. The settlement of this notes offering is anticipated around November 8, 2024, pending customary conditions.

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