HAMILTON, Bermuda, Jan. 21, 2021 /PRNewswire/ -- Borr Drilling
Limited ("Borr Drilling" or the "Company") (NYSE: BORR) (OSE:
BORR) announces that in connection with Company's previously
announced liquidity improvement plan, the Company intends to offer
up to USD 40 million in new
depository receipts (the "Offer Shares"), representing the
beneficial interests in the same number of the Company's underlying
common shares, each with a par value of USD
0.05 (the "Equity Offering"). The subscription price will be
set through an accelerated bookbuilding process.
Certain investors have pre-committed to subscribe for Offer
Shares in the Equity Offering in the full amount of USD 40 million. Members of the Company's Board of
Directors (the "Board") and the Company's executive management have
pre-committed for approximately USD 3
million.
The net proceeds from the Equity Offering will be used to
strengthen the Company's working capital and for general corporate
purposes.
Settlement of the Equity Offering is expected on or about
26 January 2021, subject to a
prospectus relating the Offer Shares being approved by the
Norwegian Financial Supervisory Authority. No Offer Shares will be
offered or sold to the public in the
United States or in transactions on the NYSE. The Equity
Offering will be carried out as a private placement and the Board
is of the opinion that this is in the best interest of the Company
and its shareholders. The Board has taken into consideration, among
other things, the fact that the Equity Offering will provide
necessary liquidity and raise capital more quickly and, at an
attractive price, compared to a rights issue. Subject to
completion of the Equity Offering, Board approval, and the
prevailing market price of the Company's depository receipts, the
Company intends to carry out a subsequent offering of new
depository receipts in the Company.
Important note
This announcement is not being made in or into Canada, Australia, Japan, Hong
Kong or in any other jurisdiction where it would be
prohibited by applicable law. The shares referred to herein have
not been registered under the United States Securities Act of 1933,
as amended, and may not be offered or sold in the United States, except pursuant to an
applicable exemption from registration under that Act.
This information was brought to you by Cision
http://news.cision.com
View original
content:http://www.prnewswire.com/news-releases/borr-drilling-limited--contemplated-equity-offering-of-usd-40-million-301212905.html
SOURCE Borr Drilling Limited