Past year: ▲ 39%(3.10 – 6.13 USD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Feb 2020business combination▲ GoodMajor
Borr replaced the existing $50 million delivery financing on the newbuild rig Tivar (due July 2020) with a new $100 million facility maturing December 31, 2021. Delivery of the rigs Vale and Var is conditional on full repayment of that facility, or can happen 180 days after an early repayment. Remaining newbuild capex is $707 million, of which $620 million is financed, and unfunded 2020 delivery capex fell by $85 million.
6 Aug 2019material agreement▲ GoodMajor
Pemex awarded Borr a third contract in its Mexico 'Cluster 2', on the same economics and structure as the first two, for a jack-up rig expected to start in Q4 2019 for around 18 months. The first rig (Grid) has arrived on site and is starting its contract, and the second (Gersemi) is expected to start shortly after.
5 Aug 2019capital raising announcement● Neutral
The underwriters of Borr's U.S. IPO took up their extra-share option in full, buying another 750,000 shares at $9.30 each, so the IPO totalled 5,750,000 shares. Settlement was expected the same day.
What it means for a shareholder
750,000 new shares at US$9.30 to raise about US$7.0m. That's 0.709% dilution: every existing holder's slice gets 0.709% smaller. If you held US$1,000 of shares (108 at the issue price), your slice goes from 0.000102% to 0.000102% of the company. To keep it you'd need 1 more shares - about US$9 at the issue price.
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