NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG
KONG OR ANY OTHER JURISDICTION IN WHICH THE RELEASE,
PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT
DOES NOT CONSTITUTE AN OFFER TO BUY, SELL OR SUBSCRIBE FOR ANY
SECURITIES DESCRIBED HEREIN.
HAMILTON, Bermuda, Sept. 30, 2020 /PRNewswire/ -- Reference is made
to Borr Drilling Limited's ("Borr Drilling" or the "Company")
(NYSE: "BORR", OSE: "BDRILL") stock exchange notice dated
29 September 2020, announcing further
concessions from its lenders and the decision to adjust the amount
to be raised in the contemplated equity offering to USD 25-30 million.
Borr Drilling is pleased to announce that the board of directors
of the Company (the "Board") has approved the subscription and
allocation of a total of 51,886,793 new depositary receipts (the
"Offer Shares"), representing the beneficial interests in the same
number of the Company's underlying common shares, each at a
subscription price of USD 0.53 per
Offer Share (equivalent to NOK 5.01
per Offer Share), raising gross proceeds of USD 27.5
million.
The Offer Shares, representing the beneficial interests in the
same number of common shares in the Company, will only be listed on
the Oslo Stock Exchange. Following issuance of the Offer Shares,
the Company's outstanding and issued share capital will increase by
USD 2,594,339.65 to USD 10,515,935.20, divided into 210,318,704
shares with a nominal value of USD
0.05 per share.
The date for settlement of the Offer Shares is expected to be on
or about 5 October 2020 following
publication of a prospectus approved by the Financial Supervisory
Authority of Norway relating to
the listing of the Offer Shares and certain of the offer shares in
the May private placement. The Offer Shares, representing the
beneficial interests in the same number of common shares in the
Company, will only be listed on the OSE. No Offer Shares will be
offered or sold in transactions on the NYSE.
This information is subject to the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading
Act.
Important note
This announcement is not being made in or into Canada, Australia, Japan, Hong
Kong or in any other jurisdiction where it would be
prohibited by applicable law. The shares referred to herein have
not been registered under the United States Securities Act of 1933,
as amended, and may not be offered or sold in the United States, except pursuant to an
applicable exemption from registration.
Forward looking statements
This press release includes forward looking statements, which do
not reflect historical facts and may be identified by words such as
"may", "expect", "may", "will" and similar expressions and include
statements relating to the contemplated Equity Offering, conditions
relating to completion of the Equity Offering and expected timing
of closing of the Equity Offering. 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 related to meeting the conditions
for and completing the Equity Offering, the outcome of the
agreement with lenders, risks relating to our liquidity and
expected additional run-way and ultimate outcome of planned
discussions with yard, including whether we will have sufficient
liquidity to meet our requirements and other factors described in
the section entitled "Risk Factors" in our 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.
CONTACT:
Magnus Vaaler:
VP Investor Relations and Treasury
+47-22-48-30-00
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SOURCE Borr Drilling Limited