Tor Olav Trøim’s Borr Drilling has raised approximately $50m via a private placement of new shares.
The Oslo and New York-listed company with a fleet of 22 jackup rigs and two more units set to deliver from Singapore’s Seatrium, has picked up NOK556m in fresh capital through the issue of 7.5m new shares at a price of NOK74 per share.
Trøim signed up for $5m worth of shares in the oversubscribed placement, facilitated by DNB Markets and Clarksons Securities as joint bookrunners.
Borr Drilling said in a stock exchange filing it also wants to offer $1.5bn senior secured notes due 2028 and 2030, guaranteed by the company and some of its subsidiaries.
The proceeds from the bond offering are intended to be used together with the proceeds from the issue to repay all outstanding secured loans.
Borr is also considering securing a revolving credit facility of $180m secured on a super senior basis by the same collateral that will secure the notes.
