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announce that agreements in principle have been reached with most of the secured
creditors to extend the majority of secured debt to 2025. These agreements are
subject to the respective board’s approvals and binding documentation. The
company is seeking the required consents and waiver extensions from lenders to
complete the transaction. Once these agreements are in place, the Company will
have long term financing on approximately $1.4 billion and has also maintained
the long-term financing on the 2 new builds in the amount of $ 260 million. The
refinancing is to be largely enabled by the sale of some select assets, and
additional equity.
The asset sale includes 3 rigs under construction/contract for which the company
has received a binding LOI as previously announced, plus an additional rig that
is targeted to be sold in Q42022, after which the rig fleet would consist of 22
delivered rigs plus 2 rigs under construction.
The agreements in principle contemplate partial paydown of the senior secured
facility collateralized by 8 rigs from $313 million to $250 million out of which
$100 million is subject to successful syndication. In case this facility is
reduced to $150 million drawn, then 3 rigs will be unencumbered assets that
could be sold to reduce capital requirements. In addition, the agreements in
principle contemplate a $30 million paydown of the Hayfin facility.
This press release does not constitute an offer of any securities for sale. This
press release is not an offer of securities for sale in the United States, and
securities may not be offered or sold in the United States absent registration
or an exemption from registration, and any public offering of securities to be
made in the United States will be made by means of a prospectus that may be
obtained from the issuer that will contain detailed information about the
company and management, as well as financial statements.
Forward looking statements
This press release includes forward looking statements, which do not reflect
historical facts and may be identified by words such as “expect”, “will” and
similar expressions and include statements relating to negotiations with
creditors, agreements in principle reached with creditors, the plan to seek
waiver extensions and consents from lenders, including the terms and conditions
of such agreements in principle and statements about the targets to raise
equity, $100m of secured facility being subject to syndication, statements about
plans to sell vessels and rig fleet and other non-historical statements. Such
forward-looking statements are subject to risks, uncertainties, contingencies
and other factors could cause actual events to differ materially from the
expectations expressed or implied by the forward-looking statements included
herein, including risks relating to negotiations with creditors including the
risk that the conditions to the agreements in principle are not met or that the
terms of the agreements in principle are not implemented with definitive binding
agreements on expected terms or at all, the risk that lenders do not provide
necessary extensions of waivers and consents, the risk of unsuccessful
syndication of the secured facility, the risk that vessel sales may not be
completed on expected terms or at all, risks relating to covenants in debt
facilities and liquidity and the risk that Borr may not be able to refinance its
debt maturities beyond 2023, risks related to the planned equity raise including
the risk that the equity raise is not completed up the expected amount or on
expected timing and the impact of such risks on the agreement in principle and
other risks and uncertainties described in the section entitled “Risk Factors”
in our most recent annual report on Form 20-F and other filings with the
Securities and Exchange Commission
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