Milbank LLP Advised In Connection With Acquisition Financing For NYSE-Listed Borr Drilling

Milbank LLP Advised in Connection with Acquisition Financing for NYSE-Listed Borr Drilling

Milbank LLP advised the initial purchasers in connection with an offering by Borr IHC Limited, Borr Finance LLC and certain other subsidiaries of NYSE-listed Borr Drilling Limited (“Borr”) of $165 million in aggregate principal amount of senior secured notes due 2030.

The proceeds from the offering, together with the proceeds from Borr's concurrent equity offering and a financing facility provided by the seller, are intended to be used for the acquisition of five new rigs and for general corporate purposes, including debt service, capital expenditures, funding of working capital and potential mergers and acquisitions.

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 LLP team was led by European Leveraged Finance/Capital Markets Trevor Truman (Partner),and Apostolos Gkoutzinis (Partner), Manel Mostefaoui (Associate), and Facundo Gonzalez Bustamante (Associate), and Capucine Cusin (law clerk). The team was also assisted by European Leveraged Finance/Capital Markets Alexandra Grant (Partner), and Giulia Petragnani Gelosi (Associate), Maxwell Short (Associate), and Eleanor Sutherland (Associate). The team also included New York Andrew Walker (Tax Partner), and Blake Rocks (Associate).

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