Borr Drilling Secures Over 93% Tender Rate for $2.1B Debt Refinancing, Amends Covenants
BORR has more than doubled off its 52-week low of $1.79.
Summary
Borr Drilling announced the successful early results of its tender offer for over $2.1 billion in senior secured notes, achieving over 93% participation and enabling critical covenant amendments.
Key Events · Financing and Capital Events · BORR
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High Tender Participation Achieved
Over 93.84% of the aggregate original principal amount of the 2028 and 2030 Senior Secured Notes were validly tendered by the early deadline.
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Covenants Removed and Liens Released
Sufficient consents were received to execute supplemental indentures, removing substantially all covenants and releasing all liens securing the existing notes.
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Remaining Notes to Be Redeemed
Due to the high tender rate, the Issuer intends to redeem all remaining outstanding 2028 and 2030 Notes that were not tendered.
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Early Settlement Date Set
An early settlement date of June 10, 2026, has been set for notes tendered by the early deadline.
Analysis · BORR · Energy & Transportation
This filing confirms the successful early results of Borr Drilling's major debt refinancing, with over 93% of its 2028 and 2030 Senior Secured Notes tendered. This high participation allows the company to redeem remaining notes and implement significant amendments to the indentures, removing covenants and releasing liens. This successful execution of a large-scale debt restructuring, which is larger than the company's market capitalization, significantly de-risks the company's financial position and provides greater operational flexibility.
At the time of this filing, BORR was trading at $4.54 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1.4B. The 52-week trading range was $1.79 to $6.66. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.