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HAMILTON, Bermuda - Borr Drilling Limited (NYSE:BORR), currently trading at $2.38 with a market capitalization of $630 million, announced Wednesday that shareholders approved all resolutions at its Special General Meeting held at the company’s registered office in Hamilton, Bermuda.
According to a company press release, shareholders voted to set the maximum number of directors at eight, elected Thiago Mordehachvili as a new director, and approved an increase in the company’s authorized share capital. InvestingPro analysis indicates the company operates with a significant debt burden, with total debt reaching $2.1 billion as of the latest quarter.
The capital increase raises Borr Drilling’s authorized share capital from $31.5 million to $36.5 million by authorizing an additional 50 million common shares at $0.10 par value each. This expands the total authorized common shares from 315 million to 365 million.
The offshore drilling contractor’s shareholders met at 11:00 am local time to vote on these corporate governance and capital structure changes.
Borr Drilling, which specializes in shallow-water offshore drilling services, trades on the New York Stock Exchange under the ticker BORR.
In other recent news, Borr Drilling Limited announced the pricing of its 50 million common share offering at $2.05 per share, raising $102.5 million in gross proceeds. The company plans to use these funds for general corporate purposes, such as debt service and capital expenditures. Additionally, Borr Drilling revealed plans to raise $100 million through a public offering, which aligns with their strategy to enhance liquidity. The firm has secured commitments from commercial banks to increase its super senior revolving credit facility to $200 million and introduce a new $35 million senior secured revolving credit facility. This financial restructuring also includes reallocating a $45 million guarantee facility. These arrangements are contingent upon the successful completion of the equity raise. In a leadership update, Borr Drilling announced a CEO change, marking a significant transition for the company. These developments reflect the company’s ongoing efforts to strengthen its financial position and operational capacity.
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