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Borr Drilling Limited announces successful placement of USD 150 million senior secured bonds due 9 February 2026

Hamilton, Bermuda, 26 January 2023

Borr Drilling Limited (the “Company“) announces today the successful placement of senior secured bonds due 2026 in an amount of USD 150 million (the “Secured Bonds“). The Secured Bonds will have a fixed coupon of 9.50% payable semi-annually and will be secured by, among other assets, first priority mortgages over the jack-up rigs Frigg, Odin and Ran.

Settlement of the Secured Bond offering is expected to take place on 9 February 2023. The Secured Bonds will be redeemed at 100% of their nominal amount of USD 200,000 and will mature on 9 February 2026.

The gross proceeds from the Secured Bonds will, together with the proceeds from the previously announced unsecured convertible bonds placed on 25 January 2023 in the amount of USD 250 million, be used to refinance the outstanding USD 350 million of convertible bonds due 23 May 2023 and for general corporate purposes. The Secured Bonds are subject customary third-party approvals, creditor consents and conditions precedent.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange release was published by Andreas Lavik Lie, VP Treasury & Investor Relations, on 26 January 2023 at 17:40 CET.

This announcement does not constitute an offer of securities for sale in the United States. The securities referenced herein has not been registered under the Securities Act of 1933 (the “Act“) and may not be offered or sold in the United States or to U.S. persons (other than distributors) unless the securities are registered under the Act, or an exemption from the registration requirements of the Act is available.

Registered office

Borr Drilling Limited

S.E. Pearman Building, 2nd Fl,
9 Par-la-Ville Road,
Hamilton HM11,
Bermuda

London office

Borr Drilling Management (UK) Ltd.
70 Victoria Street
6th Floor, The Zig Zag Building
London SW1E 6SQ
United Kingdom

Aberdeen office

Regional office

Pavilion 4
Westpoint Business Park
Prospect Road, Westhill
Aberdeen AB32 6FE
United Kingdom

+44 (0) 1224 289200

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