Offshore rig contractor Borr Drilling is planning to make a public providing of $250 million of its frequent shares out there within the US.

In reference to that, the corporate plans to grant the underwriters a 30-day choice to buy as much as $25m of extra frequent shares.

No securities within the New York Inventory Alternate providing shall be provided or listed on the Oslo Inventory Alternate.

Borr (NYSE:BORR) plans to make use of the money raised to consummate a refinancing with its lenders below its Syndicated Facility, New Bridge Facility, Hayfin Facility and shipyard supply financing preparations with Keppel and PPL.

It can additionally go in direction of common company functions, corresponding to financing the corporate’s debt, funds to its collectors, and capital expenditures, together with prices in reference to activations and re-activations of rigs.

DNB Markets, Clarksons Securities, Pareto Securities, ABG Sundal Collier, Arctic Securities, Fearnley Securities and SpareBank 1 Markets are the book-running managers for the providing.

Cleaves Securities is a co-manager for the providing.

Closing of the providing shall be topic, firstly, to Borr’s authorised share capital being elevated by 40,000,000 frequent shares, pursuant to a particular common assembly to be held on August 16.

Secondly, it is going to hinge to the corporate’s authorised share capital being additional elevated by 35,000,000 frequent shares, pursuant to a second particular common assembly to be held on August 25.

It is usually topic to the corporate having entered into binding time period sheets or different binding agreements with all relevant lenders or acquiring written commitments permitted by the Borr’s board of administrators.

A primary settlement of the providing is anticipated on August 17, with the second forecast to observe on August 26.