Jul 2026
Conyers provided Bermuda and Cayman Islands law advice to Borr Drilling Limited (NYSE and OSE: BORR) (“Borr Drilling”) and Borr IHC Limited (“Borr IHC”), a Bermuda exempted company and wholly owned subsidiary of Borr Drilling, in connection with Borr IHC’s US$2.035 billion offering of senior secured notes (the “Notes”).
The Notes comprised US$1,100,000,000 aggregate principal amount of 8.750% Senior Secured Notes due 2032 and US$935,000,000 aggregate principal amount of 9.000% Senior Secured Notes due 2034.
Conyers also advised Borr IHC in connection with its tender offer to purchase for cash any and all of its outstanding 10.000% Senior Secured Notes due 2028 and 10.375% Senior Secured Notes due 2030, and the related consent solicitation for proposed amendments to the indenture governing such existing notes. The tender achieved participation of 95.95% of the 2028 Notes and 91.21% of the 2030 Notes, representing 94.11% of the total Notes outstanding. Following completion of the tender offer, Borr IHC redeemed all remaining 2028 and 2030 Notes on 29 June 2026 using proceeds from the Notes offering.
Director Marcello Ausenda, Associates Matthew MacLeod and Nazari Woods of Conyers’ Bermuda office, and Partner Tommy Tuohy and Associate Oliver Cross of Conyers’ Cayman Islands office advised on the matter.