![Milbank LLP [Trevor Truman]](https://www.milbank.com/a/web/pcWxo6m9V3qDHNFtgnezgM/8NVAVU/trevor-truman-lon-web_new-4886-5423-6070-v1.jpg "Milbank LLP [Trevor Truman]")
Milbank LLP represented the initial purchasers and lenders in connection with (i) the debut offering by Borr IHC Limited, Borr Finance LLC and certain other subsidiaries of NYSE and Oslo Stock Exchange-listed Borr Drilling Limited (“Borr”) of $1,025 million in aggregate principal amount of senior secured notes due 2028 and $515 million in aggregate principal amount of senior secured notes due 2030 (the “Offering”) and (ii) $180 million multicurrency super senior revolving credit facility.
The proceeds from the Offering were used, together with the proceeds from a concurrent $50 million private placement of Borr’s shares in Norway, (i) to repay all of the Group’s outstanding secured debt, including various facilities and shipyard delivery financing arrangements due 2025 and Borr’s existing Nordic bonds due 2026, (ii) to pay related premiums, fees, accrued interest and expenses, and (iii) the remainder, for general corporate purposes.
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 Milbank team was led by Capital Markets partner Apostolos Gkoutzinis, special counsel Trevor Truman, Leveraged Finance partner Alexandra Grant, and associates Peetra Anderson-Figueroa, Maria C. Schweinberger, Giulia Petragnani Gelosi, Eugenia Repetto, Andrew Mavers, Yalini Ravi, Manel Mostefaoui and Christos Karavias and trainees Argyll Reid and Annis Easton. The team also included New York Tax partner Eschi Rahimi-Laridjani and associate David Hanno.
