Borr Drilling | BORR DRILLING LIMITED COMPLETED PRIVATE PLACEMENT
Borr Drilling Limited is an international drilling contractor to the oil and gas industry, with the ambition of acquiring and operating modern drilling assets.
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BORR DRILLING LIMITED COMPLETED PRIVATE PLACEMENT

HAMILTON, BERMUDA, MARCH 21, 2017
REFERENCE IS MADE TO THE ANNOUNCEMENT MADE ON MARCH 20, 2017 CONCERNING A CONTEMPLATED EQUITY OFFERING OF UP TO 228,600,000 NEW SHARES IN BORR DRILLING LIMITED (“BORR DRILLING” OR THE “COMPANY”).
THE COMPANY IS PLEASED TO ANNOUNCE THAT IT HAS RECEIVED BINDING ORDERS FOR SUBSCRIPTION OF 228,600,000 SHARES AT THE PRICE OF US$ 3.50 PER SHARE, CORRESPONDING TO GROSS PROCEEDS OF APPROX. US$ 800 MILLION (THE “EQUITY OFFERING”) WITH THE SUPPORT FROM NEW AND EXISTING INVESTORS. THE EQUITY OFFERING WAS SIGNIFICANTLY OVERSUBSCRIBED.

NET PROCEEDS FROM THE EQUITY OFFERING WILL BE USED TO SECURE THE FUNDING OF THE ACQUISITION OF TRANSOCEAN’S JACK-UP FLEET, IN ACCORDANCE WITH THE LOI ANNOUNCED ON 20 MARCH 2017.

ALLOCATIONS WILL BE SENT OUT TODAY BY THE MANAGERS. SETTLEMENT DATE IS SET TO MARCH 27, 2017. THE NEW SHARES TO BE ISSUED IN THE EQUITY OFFERING WILL BE LISTED ON NOTC AS SOON AS PRACTICALLY POSSIBLE, EXPECTED ON OR ABOUT 28 MARCH 2017.

CLARKSONS PLATOU SECURITIES AS, DNB MARKETS AND FEARNLEY SECURITIES AS ACTED AS JOINT LEAD MANAGERS AND BOOKRUNNERS FOR THE EQUITY OFFERING.

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

http://www.vpff.no/NOTC/NOTC-nyheter