Milbank Advises on Borr Drilling’s $2B+ Offering of Senior Secured Notes

Milbank LLP advised the initial purchasers in connection with an offering by Borr IHC Limited and Borr Finance LLC, subsidiaries of NYSE-listed Borr Drilling Limited (“Borr”) of $2.035 billion in aggregate principal amount of senior secured notes consisting of US$1.1 billion 8.750% senior secured notes due 2032 and US$935 million 9.000% senior secured notes due 2034, and the amendment and extension of Borr’s super senior revolving credit facility 

The proceeds from the offering are intended to be used for the repurchase redeem or otherwise refinance in full Borr’s existing high yield bonds, and for general corporate purposes.

Borr is an international offshore 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 European Leveraged Finance/Capital Markets partners Trevor Truman and Apostolos Gkoutzinis, special counsel Cheyne Cudby, associate Harshil Bansal, and law clerks Federico Costantino and Capucine Cusin. The team was also assisted by European Leveraged Finance/Capital Markets partner Alexandra Grant, associates Giulia Petragnani Gelosi, Maxwell Short, Argyll Reid and Eleanor Sutherland, and trainee solicitor Lara Gharaibeh. The team also included New York Tax partner Andrew Walker and associate Blake Rocks.