05:00 PM EDT, 08/09/2024 (MT Newswires) -- Borr Drilling ( BORR ) said late Friday its Borr IHC unit has priced an offering of additional 10% senior secured notes due 2028 for gross proceeds of about $150 million.

The notes will have the same terms as the nearly $1.23 billion notes due 2028, the company said.

Proceeds of the additional notes will be used for the acquisition and activation costs for the newbuild rig Vali and general corporate purposes, the company added.

Settlement of the offering is expected on or about Aug. 16, the company added.

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