Milbank Advises on Borr Drilling’s $300M Debut Convertible Notes Offering

Milbank LLP advised the initial purchasers in connection with an offering by NYSE-listed Borr Drilling Limited (“Borr”) of $300 million in aggregate principal amount of convertible senior notes due 2033 and concurrent repurchase of Borr’s existing Norwegian law governed convertible bonds due 2028.

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, associates Manel Mostefaoui and Facundo Gonzalez Bustamante, and law clerk Capucine Cusin. The team was also assisted by New York Tax partner Andrew Walker and associate Blake Rocks.