Milbank Advises Note Purchasers in Connection with NYSE-Listed Borr Drilling’s $200M Placement of High Yield Bonds

Milbank LLP advised the note purchasers in connection with the private placement by Borr IHC Limited, Borr Finance LLC and certain other subsidiaries of NYSE and Oslo Stock Exchange-listed Borr Drilling Limited (“Borr”) of $200 million in aggregate principal amount of senior secured notes due 2028.

Borr is an international shallow-water drilling contractor providing worldwide offshore drilling services to the oil and gas exploration and production industry through the ownership and operation of jack-up rigs of modern and high-specification, the provision of related equipment, and work crews to conduct oil and gas drilling and workover operations.

The proceeds from the offering are intended to be used for general corporate purposes, which may include, among other things, capital expenditures, including delivery costs for newbuild rigs on order, costs in connection with activations of these rigs or funding of Borr’s working capital.

The Milbank team was led by Corporate Finance and Securities partners Apostolos Gkoutzinis and Trevor Truman and associates Stefanos Serfas, Eugenia Repetto and Manel Mostefaoui.