Borr raising cash for Keppel rig buy

Norwegian offshore driller Borr Drilling is raising cash to finance the previously announced five-rig buy from Keppel.

The company on Wednesday morning announced the successful placing of $350 million in principal amount of convertible bonds with a five-year tenor.

Part of the proceeds from the Bonds will be used to finance the purchase of five rigs from Keppel FELS shipyard.

As reported this morning, total consideration for the rig acquisition is expected to be $745 million.

The senior unsecured Bonds will be convertible into shares of the company. The Bonds will have a coupon of 3.875% per year, payable semi-annually in arrear in equal installments and a conversion premium of 37.5% over $4.87 (the price per Share at which Shares have been sold in the Concurrent Equity Offering). The initial conversion price will be $6.6963.

Borr Drilling also said it secured optional delivery financing of the rigs of $432 million and entered into a $200 million bank facility, “both on attractive terms.”

 

Share this article

Follow Offshore Energy Today

Events>

<< Feb 2020 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 1

Offshore Energy Exhibition and Conference (OEEC) 2020

Offshore Energy addresses the technical, operational and commercial challenges associated with future sector growth.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

OWI APAC 2020

Over the two-day conference, 30 expert speakers will share exclusive insight to help drive well work efficiencies through innovative…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply