NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART DIRECTLY OR INDIRECTLY, IN ANY JURISDICTION IN WHICH THE
RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS
ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES
DESCRIBED HEREIN.
HAMILTON, Bermuda, Aug. 9, 2022
/PRNewswire/ -- Borr Drilling Limited (the "Company") (NYSE
and OSE: BORR) announces today that it plans to make a public
offering of $250,000,000 of its
common shares in the United
States. In connection with the offering, the Company intends
to grant the underwriters a 30-day option to purchase up to
$25,000,000 of additional common
shares.
No securities in the NYSE offering will be offered or listed on
Oslo Stock Exchange.
The Company plans to use the proceeds from the offering to
consummate a refinancing with its lenders under its Syndicated
Facility, New Bridge Facility, Hayfin Facility and shipyard
delivery financing arrangements with Keppel and PPL, and for
general corporate purposes, which may include, among other things,
repayments of the Company's debt obligations, payments to its
creditors in return for potential concessions or extensions of
current facilities, capital expenditures, including costs in
connection with activations and re-activations of rigs being
brought into operations, or funding of our working capital.
DNB Markets, Clarksons Securities, Pareto Securities, ABG Sundal
Collier ASA, Arctic Securities AS, Fearnley Securities and
SpareBank 1 Markets are the book-running managers for the
offering. Cleaves Securities AS is a co-manager for the
offering.
Closing of the offering will be subject to (i) the Company's
authorized share capital being increased by 40,000,000 common
shares, pursuant to a special general meeting to be held on
August 16, 2022, (ii) the
Company's authorized share capital being further increased by
35,000,000 common shares pursuant to a second special general
meeting to be held on August 25,
2022, and (iii) the Company having entered into binding term
sheets or other binding agreements with all applicable lenders or
obtaining written commitments approved by the Company's Board of
Directors, under its Syndicated Facility, New Bridge Facility,
Hayfin Facility and shipyard delivery financing arrangements with
Keppel and PPL, no later than the time of the special general
meeting to be held on August 16,
2022.
A first settlement of the offering is expected on August 17, 2022, subject to fulfilment of the
conditions described in (i) and (iii) above. A second settlement is
expected on August 26, 2022, for the
remainder of the shares, provided all the conditions described
above are satisfied.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities, nor will there be any
sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
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 of the Norwegian Securities
Trading Act.
This stock exchange notice was published by Andreas Lavik Lie, Vice President Treasury &
Investor Relations of the Company, on 9
August 2022 at 22:45 CEST.
About Borr Drilling Limited
Borr Drilling Limited is an international drilling contractor
incorporated in Bermuda in 2016
and listed on the Oslo Stock Exchange on August 30, 2017 and on the New York Stock
Exchange on July 31, 2019 under the
ticker "BORR". The Company owns and operates jack-up rigs of modern
and high specification designs and provides services focused on the
shallow water segment to the offshore oil and gas industry
worldwide. Please visit the Company's website at:
www.borrdrilling.com
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. You can identify these forward-looking statements by words or
phrases such as "may," "will," "anticipate," "plan," "expect," or
other similar expressions. These forward-looking statements include
statements with respect to the offering, the conditions to the
offering, including the refinancing with certain of the Company's
lenders, the intended use of proceeds, and other non-historical
statements.
The forward-looking statements included in this press release
are subject to significant risks, uncertainties, contingencies and
factors that may cause the Company's actual results, performance or
achievements to be materially different from those expressed or
implied by the forward-looking statements including risks related
to the conduct of the offering, the use of proceeds, whether the
conditions to closing of the offering will be met, the risk that
the Company will not consummate the proposed refinancing, the
number of shares to be sold in the offering and other risks
described in the Company's most recent Annual Report on Form 20-F
and other filings of the Company with the US Securities and
Exchange Commission (SEC).
The forward-looking statements made in this press release speak
only as of the date of this press release. Except as required by
law, the Company undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date hereof or
to reflect the occurrence of unanticipated events.
August 9, 2022
The Board of Directors
Borr Drilling Limited
Hamilton, Bermuda
CONTACT:
Questions should be directed to: Magnus
Vaaler, CFO, +47 22 48 30 00
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https://news.cision.com/borr-drilling-limited/r/borr-drilling---nyse-public-offering,c3612106
SOURCE Borr Drilling Limited
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SOURCE Borr Drilling Limited