Borr Drilling Limited announced on July 2, 2025, plans for a public offering to raise $100 million in gross proceeds through the offering of approximately 50 million common shares. The proceeds are intended for general corporate purposes, including debt service, capital expenditures, and funding of working capital.
Concurrently, the company announced a comprehensive financing package to strengthen its balance sheet and increase liquidity by $200 million. This package includes commitments from commercial banks to increase the existing super senior revolving credit facility (SSRCF) to $200 million.
The financing package also involves reallocating the existing $45 million Guarantee Facility from super senior to senior secured, freeing up $45 million of capacity under the SSRCF, and adding a new $35 million senior secured RCF. These commitments are subject to the successful completion of the $100 million equity raise.
The offering was made pursuant to an effective shelf registration statement filed with the SEC. The first settlement of the offering, for 30 million shares, occurred on July 7, 2025, raising $102.5 million at $2.05 per share. The second settlement, for the remaining 20 million shares, was contingent on a Special General Meeting approval on August 6, 2025, which was subsequently met, leading to the final settlement on August 7, 2025.
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