Borr Drilling slips after $260 mln convertible bond sale

Borr Drilling

15/04/2026 11:59

** Offshore oil and gas contractor Borr Drilling's BORR.N shares down 1.8% premarket to $5.60 after securing capital raise

** Co early Weds announced pricing private offering of $260 mln 3.5% 7-yr convertible bonds

** Offering size increased from $250 mln; initial conversion price of $8 is 40% premium over stock's last close of $5.70

** BORR intends to use net offering proceeds to repurchase $195.2 mln of its 5% CBs due 2028, and for general corporate purposes

** Co has ~$1.8 bln market cap

** Through Tues, BORR shares up 41% YTD

** 5 of 8 analysts rate the stock "strong buy" or "buy", 3 "hold"; median PT $5.60, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))