Borr Drilling Limited announced on March 12, 2025, an adjustment to the conversion price of its USD 250,000,000 5% Senior Unsecured Convertible Bonds 2023/2028. This adjustment was triggered by the cash distribution of $0.02 per share for the fourth quarter of 2024.
In accordance with the loan agreement for these convertible bonds, the conversion price has been adjusted from $7.0249 to $6.9376 per share. This change is a direct contractual consequence of the dividend payment to shareholders.
The adjustment ensures that the terms of the convertible bonds reflect the impact of the dividend, maintaining the agreed-upon value for bondholders in the event of conversion. This is a routine but necessary action following a shareholder distribution.
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