HAMILTON, Bermuda, Jan. 26, 2022 /PRNewswire/ -- Reference is made
to Borr Drilling Limited's (the "Company") (NYSE and OSE: "BORR")
announcement 28 December 2021
relating to the subscription and allocation of a total of
13,333,333 new depository receipts (the "Offer Shares"), raising
gross proceeds of USD 30 million (the
"Equity Offering").
A condition for completion of the Equity Offering was obtaining
such approvals and waivers deemed necessary and appropriate from
the Company's other creditors, including Hayfin and DNB Bank ASA
and the other lenders in the Senior Secured Facilities (the
"Facilities") to enter into the amendment agreements with the yards
for deferral of debt maturities and delivery instalments from 2023
to 2025. The Company is pleased to announce that it has today
received consents from these creditors to enter into the agreements
with the shipyards as per the terms agreed in December 2021.
The Company has agreed to enter into negotiations with the
lenders of the Facilities and certain holders of the 3.875% Senior
Unsecured Convertible Bonds due 2023 (the "Convertible Bonds") and
use its best efforts to reach a binding refinancing of the
Facilities and the Convertible Bonds by 31
March 2022 and complete such refinancing by 30 June 2022.
The Company has also agreed with the lenders of the Facilities
an amendment to one of its financial covenants such that its book
value to equity ratio requirement will remain 25% until
30 June 2022.
"We are pleased to have reached agreements with the creditors in
the Facilities for the implementation of the deferral agreements
with the yards. This is an important step in order to find a
long-term financing solution for Borr Drilling" says CEO
Patrick Schorn in a comment.
The date of settlement of the Offer Shares is expected to be on
or about 28 January 2022, subject to
satisfaction of the other closing conditions referred to in the
announcement made 28 December 2021.
The Offer Shares will be listed on the Oslo Stock Exchange ("OSE")
upon delivery. No Offer Shares will be offered or sold in
transactions on the NYSE.
Forward looking statements
This press release includes forward looking statements, which do
not reflect historical facts and may be identified by words such as
"expect", "will" and similar expressions and include statements
relating to the consents obtained from creditors including the
conditions to such consents, and statements relating to the Equity
Offering, conditions relating to completion of the offering and
expected timing of closing of the offering. Such forward-looking
statements are subject to risks, uncertainties, contingencies and
other factors could cause actual events to differ materially from
the expectations expressed or implied by the forward-looking
statements included herein, including risks related to meeting the
conditions for and completing the Equity Offering, risks relating
to the consents obtained and meeting the conditions for such
consents, the outcome of the discussions with creditors, and
whether agreements will be reached by the dates mentioned herein or
at all and the terms of any such agreements and other factors
described in the section entitled "Risk Factors" in our filings
with the Securities and Exchange Commission. Such risks,
uncertainties, contingencies and other factors could cause actual
events to differ materially from the expectations expressed or
implied by the forward-looking statements included herein. These
forward-looking statements are made only as of the date of this
release. We do not undertake to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise.
This announcement does not constitute an offer to buy, sell or
subscribe for any securities described herein. The Equity Offering
has not been and will not be registered under the Securities Act of
1933 and the Offer Shares may not be offered or sold in
the United States absent
registration or an applicable exemption from registration
requirements.
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/borr-drilling-limited/r/borr-drilling-limited---receives-creditor-consent-for-extension-of-yard-debt-maturities-and-deliveri,c3492940
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