Borr Drilling (BORR) priced an upsized $2.04 billion senior secured notes offering and simultaneously expanded a tender offer for its outstanding 10.375% senior secured notes due 2030, the company said late Wednesday.

The offering includes $1.1 billion of 8.75% notes due 2032 and $935 million of 9% notes due 2034, marking a $435 million increase from the originally planned size.

Proceeds will be used to refinance the company's outstanding 10% secured notes due 2028 and 10.375% secured notes due 2030, as well as to fund general corporate purposes, the company added. Settlement is expected by June 10.

Separately, Borr Drilling raised the tender cap for its 2030 secured notes from $447.3 million to all outstanding notes, contingent on completing at least $2.04 billion in the new offering, it said.

The company's shares were up 4.9% in premarket activity Thursday.