by Stephen Carter
Dec 09, 2025 2:12 PM ET
+++Corrects 144A ISIN: US100018AB62 (not US1000018AB62)+++
Borr IHC Limited/Borr Finance LLC (Borr Drilling Ltd) (BORR, BORRNO) US$165m (up from US$150m) 144A/Reg S add-on to its 10.375% sr sec 1st lien notes due 11/15/30 (5y). NC1 (11/15/26) (MWC T+50bp), then at 105.188 11/15/26, 102.594 11/15/27, 100 11/15/28. Equity claw: 1y 40% at 110.375. Special call: 10% per year during the non call period at 103. Mandatory amortization: $25m per year (fixed for life of the notes) at 105.00, semi-annual, from first interest payment date (05/15/26). Mandatory ECF offer: annual offer at 105.00 to bondholders, starting in 2025 off FY2024 metrics, for amount calculated as 75% of Excess Cash Flow if consolidated total leverage ratio (CTLR) is above 3.00%, stepping down to 50% if CTLR is above 2.00x and down to 25% if CTLR is above 1.50x. B3/B+/(expect B-) (stable/stable/Rating Watch Negative, a downgrade of one notch to B- is likely once the acquisition has been completed). Via GS (B&D)/Citi/Clarksons/DNBC/Swedbank/Pareto jt books. No reg rights. List ISE. NY law. CoC at 101. Pays May 15 and Nov 15, starting 05/15/26. Denoms: 2kx1k. Settles 12/19 (T+8). 144A CUSIP: 100018AB6; 144A ISIN: US100018AB62. Reg S Temporary ISIN: USG1467FAG84. Permanent ISIN: USG1467FAB97. Immediately 144A fungible (Reg S after 40 days) with the US$515m issue priced 10/24/23 and $175m add-on priced 10/28/24 (approx $774m pro forma total size). IPT: 99.00-99.50. Price talk: 99.75-100.00.
Priced: 10.375% add-on at 100.00. 10.656% YTM. +689bp vs 3.50% 11/30/30.
Books closed at 3:30pm UKT / 10:30am NYT 12/09. UOP: along with US$84m equity offering of 21m shares at $4 per share and US$150m seller's credit due 2032 (seller financing), to fund the acquisition of five premium jack-up rigs from Noble Corp for US$360m, and $39m (up from $24m) for GCP ($15mupsize for GCP). Biz: provides offshore drilling services. HQ: Hamilton, Bermuda.
DealRoadshow direct link: https://urldefense.com/v3/__https:/dealroadshow.com/e/Burro2025__;!!O2kDR7mm-zSJ!oo8xC6E7qNO7kj6qtPFKDw5AFnvwejV18UkDMjj2KB1H8lQrov9vTJrrRTdIu0mXcJWNkyFsQnMDDJtMosqQM5c$