Borr Drilling is making first convertible offering in capital markets as the Tor Olav Troim-backed company seeks to fund the acquisition of five new drilling rigs.
The Oslo-listed Borr will sell $350m in principal amount of the convertibles, which will have a five-year tenor.
Borr expects to pay a coupon in the range of 3.5% to 4.25% per year payable semi-annually.
