NYSE:BORREnergy Services
Borr Drilling (BORR) Is Down 6.2% After Launching US$1.6 Billion Debt Refinancing Plan - Has The Bull Case Changed?
Borr Drilling’s subsidiary Borr IHC Limited has launched cash tender offers to repurchase parts of its 10.000% 2028 and 10.375% 2030 senior secured notes, funded by a planned US$1.60 billion new issuance of senior secured notes due 2032 and 2034 and existing cash.
The refinancing plan, which includes proposed covenant changes and collateral releases on the existing notes, could materially reshape Borr Drilling’s debt profile and operating flexibility.
We’ll now examine how this large-scale...