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by Stephen Carter
May 26, 2026 10:58 AM ET
+++Corrects total deal size in the story: $1.6bn (not $1.8bn)+++
Borr IHC Limited/Borr Finance LLC (Borr Drilling Ltd) (BORR, BORRNO) US$1.6bn 144A/Reg S sr sec 1st lien notes 2-part. Existing B3/B+/B- (stable/stable/stable). Via Citi/Clarksons/DNB/GS jt glocos/JPM/BTGPAC/BTIG/Fearnley/SBI jt books. No reg rights. Settles T+10.
- $800m due 2031 (5.5y). NC2. Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. Amortization: 5.0% per annum at 102.5, payable semiannually starting with the second interest payment date. CoC at 101. Denoms: 200kx1k. IPT: low-mid 9s.
- $800m due 2033 (7.5y). NC3. Equity claw: 3y 40%. Special call: 10% per year the first 3 years at 103. Amortization: 5.0% per annum at 102.5, payable semiannually starting with the second interest payment date. CoC at 101. Denoms: 200kx1k. IPT: +25bp vs the 5.5y tranche.
Investor call at 12:30pm 05/26. Pricing 05/28. UOP: repurchase, redeem or otherwise refinance its existing $1.126bn 10% sr sec notes due 11/15/28 (callable at 105.00) and up to $447.3m of its $770m 10.375% sr sec notes due 11/15/30 (MWC T+50bp). Biz: provides offshore drilling services. HQ: Hamilton, Bermuda.
Netroadshow direct link: https://www.netroadshow.com/events/login/1PeTHmohVhpPpksosOuJJm07HbJ9b5ldhgbWW