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Synchrony Financial (SYF) Form 4 filing: Director Arthur W. Coviello Jr. reported the grant of 825 restricted stock units (RSUs) on 30 June 2025 (Transaction Code A). Each RSU converts into one share of SYF common stock and will vest in full on 30 June 2026. Following the award, Coviello鈥檚 direct beneficial ownership stands at 49,379 shares. No derivative securities were transacted, and there were no dispositions.

The transaction appears to be routine director equity compensation rather than an open-market purchase. The size of the award is immaterial relative to Synchrony鈥檚 total shares outstanding and is unlikely to influence the company鈥檚 capital structure or liquidity. However, the filing does signal continued insider alignment through equity-based incentives.

Borr Drilling Limited (BORR) has launched a preliminarily marketed public offering of 50 million common shares via a two-step settlement structure. Approximately 30 million shares are expected to settle on 7 July 2025 (the 鈥淔irst Settlement鈥�) while the remaining 20 million will settle on or about 7 August 2025 (the 鈥淪econd Settlement鈥�) only if shareholders approve an increase in authorised share capital at a Special General Meeting (SGM) on 6 August 2025. The shares are listed on the NYSE; the last reported price on 1 July 2025 was $1.95.

Net proceeds鈥攚hose exact amount will depend on final pricing鈥攁re earmarked for general corporate purposes such as debt service, capital expenditure and working-capital needs. The equity raise is also a condition precedent for agreed amendments to Borr鈥檚 financing package: commitments have been received to lift the Super Senior Revolving Credit Facility to $200 million (+$50 million), re-classify the $45 million guarantee line, and add a new $34 million senior secured RCF, jointly raising available liquidity by more than $100 million and easing covenant thresholds (lower liquidity minimum, higher leverage ceiling, lower coverage ratios).

Operationally, Borr has booked 13 new contract awards/LOIs/LOAs in 2025, adding ~3,010 potential rig-days and $366 million of revenue backlog (average day-rate $121k). Contract coverage now stands at 84% for 2025 and 45% for 2026 at average day-rates of $144k and $141k, respectively.

Leadership refresh: CCO Bruno Morand will become CEO on 1 September 2025; current CEO Patrick Schorn will transition to Executive Chair, while Chairman Tor Olav Tr酶im will remain on the board. Investor Granular Capital鈥檚 CIO, Thiago Mordehachvili, is nominated to join the board, contingent on SGM approval to expand board size.

Several insiders鈥擲chorn ($1 m), Morand ($0.3 m) and Drew Holding Ltd. ($10 m)鈥攊ntend to subscribe, all electing to receive shares in the Second Settlement. If the SGM fails, only the First Settlement closes, leaving the remaining 20 million shares undelivered.