Borr Drilling Ltd 6-K, filed Jul 1, 2022
Borr Drilling Ltd (BORR)
6-K
2022-07-01
For: 2022-06-30
View Original
Added on
April 10, 2026
About this 6-K
Borr Drilling Ltd filed this 6-K on July 1, 2022.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
June 30, 2022
Commission File Number 001-39007
Borr Drilling Limited
S. E. Pearman Building
2nd Floor 9 Par-la-Ville Road
Hamilton HM11
Bermuda
(Address of principal executive office)
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Exhibits
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Press Release
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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BORR DRILLING LIMITED
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Date: June 30, 2022
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By:
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/s/ Mi Hong Yoon
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Name:
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Mi Hong Yoon
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Title:
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Director
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Exhibit 99.1
Borr Drilling Limited – Update on Refinance
Hamilton, Bermuda 30 June 2022: Borr Drilling Limited (the “Company”) (NYSE and OSE: BORR) refers to its previous communication regarding
its ongoing negotiations with creditors to reach mutual agreements to refinance and extend its 2023 maturities and complete such refinancing by 30 June 2022.
Significant progress has been made in the negotiations with the target to put in place the right capital structure for the company going
forward. A complete solution will require a further equity injection combined with debt repayments, extensions and concessions by the creditors resulting in a robust capital structure that supports a low cash break even and thereby a higher free
cash generation.
In order to have the required time to conclude full lock-up and commitments from all creditors, the necessary covenant waivers have been
extended until 15 July 2022 by the lenders in the bank syndicate. Thus far specific proposals have been received from all creditor groups, some of which have already resulted in agreements in principle. In particular, we have agreed terms in
principle for the refinancing of the senior secured bank facility in July 2022 to be funded with a mix of a new credit facility and equity/an asset sale.
We will continue to work with all remaining creditors to arrive at an optimized overall financing solution, targeted to be in place by 15
July 2022.
This press release does not constitute an offer of any securities for sale.
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 and targets of such negotiations, capital structure, proposals from creditor groups, agreements in principle, discussions with creditors and
target for arriving at a financial solution, 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 discussions with creditors including the risk that a refinancing is not agreed risks relating to the terms of such refinancing if
agreed, 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 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. Such 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. These forward-looking statements are made only as of the date of this release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future
events or otherwise.