Borr Drilling (BORR) Completes $84M Offering, S&P Downgrades to ‘B’

Group 1 - Borr Drilling Limited (NYSE:BORR) completed a public offering of 21 million common shares priced at $4 each, raising a total of $84 million for rig purchases and corporate needs [1][2] - The company received a credit rating downgrade from S&P Global Ratings to 'B' with a stable outlook, which also included a downgrade of its senior secured notes to 'B+' due to the acquisition of five premium jack-up rigs for $360 million [2][3] - The $84 million from the public offering was used to fund the rig acquisition, supplemented by a $165 million issuance of senior secured notes at 10.375% interest due in 2030, with net debt reaching approximately $2 billion post-acquisition [3] Group 2 - Borr Drilling Limited operates a modern fleet of jack-up rigs for shallow-water exploration and production across offshore regions including the Americas, Europe, Africa, and Asia [4]