Oil rig owner Borr secures extra liquitity from lenders

Borr Drilling

29/09/2020 17:21

OSLO, Sept 29 (Reuters) - Lenders to oil rig operator Borr
Drilling  BDRILL.OL   BORR.N  have agreed to provide about $12
million in extra liquidity, the company said on Tuesday. 
    Borr, which is listed in Oslo and New York, reached a deal
with banks and lender Hayfin Capital Management, which entails
payment-in-kind interest and deferral of funding of restricted
cash accounts during the next 12 months, it said. 
    "The Company has decided to lower the amount to be raised in
the contemplated equity offering to $25-30 million; which,
combined with the lenders' concession, will provide Borr
Drilling with sufficient liquidity," the company said in a
statement.
    The equity offering is covered and was expected to close
around 1900 CET (1700 GMT) on Tuesday, it said.
    The previous plan was to raise between $40 million and $50
million in new equity. urn:newsml:reuters.com:*:nL5N2GK0N8
    The companyt has decided against using the proceeds to buy
back convertible debt, it added.
    


 (Reporting by Victoria Klesty
Editing by David Goodman
)
 ((victoria.klesty@thomsonreuters.com; +47 2331 6592; Reuters
Messaging: victoria.klesty.thomsonreuters.com@reuters.net))