Borr Drilling (BORR) Completes $84M Offering, S&P Downgrades to ‘B' [Yahoo! Finance]
Borr Drilling Limited Common Shares (BORR)
Company Research
Source: Yahoo! Finance
public offering of 21 million common shares, which it priced at $4 each. The settlement delivered the full 84 million, and the company has earmarked the net proceeds for the rig purchase and general corporate needs. In a separate update, on December 9, the company received a credit rating downgrade from S&P Global Ratings to ‘B' with a stable outlook. This action also included lowering the rating on the company's senior secured notes to ‘B+'. According to S&P, the downgrade was triggered by Borr's agreement to acquire five premium jack-up rigs from Noble Corporation PLC for $360 million. The $84 million from the public offering was used to fund this acquisition. And it was supplemented by a $165 million issuance of senior secured notes at 10.375% interest due in 2030. The company also relied on seller financing and cash reserves. And after the acquisition, Borr's net debt stands at around $2 billion. S&P projects the debt-to-EBITDA ratio to stay high at 4.5x to 5.0x through 2025-2
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BORR
News
- Borr Drilling (NYSE:BORR) had its "neutral" rating reaffirmed by analysts at Citigroup Inc..MarketBeat
- A Look At Borr Drilling (NYSE:BORR) Valuation After New Jack Up Rig Contracts Extend Work Into 2027 [Yahoo! Finance]Yahoo! Finance
- Borr Drilling Limited - Contracting UpdatesPR Newswire
- James Grant says his best stock pick of 2025 may still be cheap [Seeking Alpha]Seeking Alpha
- Borr Drilling (BORR) Fell This Week. Here is Why [Yahoo! Finance]Yahoo! Finance
BORR
Sec Filings
- 1/6/26 - Form 6-K
- 12/10/25 - Form 6-K
- 12/10/25 - Form 424B5
- BORR's page on the SEC website