HAMILTON, Bermuda, June 30,
2022 /PRNewswire/ -- Borr Drilling Limited (the
"Company") (NYSE: BORR) (OSE: BORR) refers to its previous
communication regarding its ongoing negotiations with creditors to
reach mutual agreements to refinance and extend its 2023 maturities
and complete such refinancing by 30 June
2022.
Significant progress has been made in the negotiations with the
target to put in place the right capital structure for the company
going forward. A complete solution will require a further equity
injection combined with debt repayments, extensions and concessions
by the creditors resulting in a robust capital structure that
supports a low cash break even and thereby a higher free cash
generation.
In order to have the required time to conclude full lock-up and
commitments from all creditors, the necessary covenant waivers have
been extended until 15 July 2022 by
the lenders in the bank syndicate. Thus far specific proposals have
been received from all creditor groups, some of which have already
resulted in agreements in principle. In particular, we have agreed
terms in principle for the refinancing of the senior secured bank
facility in July 2022 to be funded
with a mix of a new credit facility and equity/an asset sale.
We will continue to work with all remaining creditors to arrive
at an optimized overall financing solution, targeted to be in place
by 15 July 2022.
This press release does not constitute an offer of any
securities for sale.
Forward looking statements
This press release includes forward looking statements, which do
not reflect historical facts and may be identified by words such as
"expect", "will" and similar expressions and include statements
relating to negotiations with creditors and targets of such
negotiations, capital structure, proposals from creditor groups,
agreements in principle, discussions with creditors and target for
arriving at a financial solution, and other non-historical
statements. Such forward-looking statements are subject to risks,
uncertainties, contingencies and other factors could cause actual
events to differ materially from the expectations expressed or
implied by the forward-looking statements included herein,
including risks relating to discussions with creditors including
the risk that a refinancing is not agreed risks relating to the
terms of such refinancing if agreed, risks relating to covenants in
debt facilities and liquidity and the risk that Borr may not be
able to refinance its debt maturities beyond 2023 and other risks
and uncertainties described in the section entitled "Risk Factors"
in our most recent annual report on Form 20-F and other filings
with the Securities and Exchange Commission. Such risks,
uncertainties, contingencies and other factors could cause actual
events to differ materially from the expectations expressed or
implied by the forward-looking statements included herein. These
forward-looking statements are made only as of the date of this
release. We do not undertake to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise.
CONTACT:
Questions should be directed to: Magnus
Vaaler, CFO, +44 1224 289208
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SOURCE Borr Drilling Limited