Benzinga | Jan 22, 2021 05:24AM EST

Borr Drilling Priced Upsized Offering of 54.1M Shares @$0.85/Share

Reference is made to Borr Drilling Limited's ("Borr Drilling" or the "Company") (NYSE:BORR) stock exchange release on 21 January 2021, and the contemplated equity offering of USD 40 million in new depository receipts.

Borr Drilling is pleased to announce that the board of directors of the Company (the "Board") has, due to very high demand, increased the size of the offering to USD 46 million, and approved the subscription and allocation of a total of 54,117,647 in new depository receipts (the "Offer Shares"), representing the beneficial interests in the same number of the Company's underlying common shares, each at a subscription price of USD 0.85 per Offer Share (equivalent to NOK 7.1655 per Offer Share), raising gross proceeds of USD 46 million.

Following issuance of the Offer Shares, the Company's outstanding and issued share capital will increase by USD 2,705,882.35 to USD 13,721,817.55, divided into 274,436,351 common shares, each with a nominal value of USD 0.05 per share. The Board has resolved not to conduct any subsequent offering.