Borr Drilling's Debt Refinancing Nears Completion as Over 90% of Notes Tendered
BORR has more than doubled off its 52-week low of $1.79.
Summary
Borr Drilling announced successful early results for its tender offer and consent solicitation for its 2028 and 2030 Senior Secured Notes. Over 95% of the 2028 notes and over 90% of the 2030 notes were tendered, allowing the company to redeem the remaining outstanding principal. This marks a significant step in the company's major debt refinancing effort, which was previously announced in late May with a new $2.035 billion senior secured notes offering. The high participation rate substantially de-risks the company's capital structure. The closing of the new notes offering, which funds this tender, is expected tomorrow, June 10, 2026.
At the time of this announcement, BORR was trading at $4.62 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 news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: PR Newswire.