Valaris announces $600M private placement of senior secured second lien notes due 2030 to redeem $550M first lien notes

Valaris Ltd

Offering of $600M in senior secured second lien notes due 2030; net proceeds to redeem all $550M outstanding 2028 first lien notes at 104% of principal plus accrued interest.
Redemption date set for May 3, 2023, condition on completion of at least $600M offering; Valaris may waive condition.
Also entered $375M revolving credit facility secured by vessels; availability conditioned on closing of offering and redemption of first lien notes.
Notes offered via private placement under Rule 144A and Regulation S, not registered under Securities Act.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Valaris Ltd entered into Credit Agreement with lenders from time to time party thereto, Citibank, N.A., as Administrative Agent, Wilmington Savings Fund Society, FSB, as Collateral Trustee, the issuing banks from time to time party thereto and Citibank, N.A., Deutsche Bank Securities Inc. and DNB Markets, Inc., as Joint Lead Arrangers and Lead B valued at $375 million (effective 2023-04-03).

Action: entry
Agreement: credit facility
Counterparty: lenders from time to time party thereto, Citibank, N.A., as Administrative Agent, Wilmington Savings Fund Society, FSB, as Collateral Trustee, the issuing banks from time to time party thereto and Citibank, N.A., Deutsche Bank Securities Inc. and DNB Markets, Inc., as Joint Lead Arrangers and Lead B
Value: $375 million
Effective: 2023-04-03

Exact text from the filing

On April 3, 2023, Valaris Limited (the “Company”) entered into a senior secured revolving credit facility (the “Revolving Credit Facility”) with the lenders from time to time party thereto, Citibank, N.A., as Administrative Agent, Wilmington Savings Fund Society, FSB, as Collateral Trustee, the issuing banks from time to time party thereto and Citibank, N.A., Deutsche Bank Securities Inc. and DNB Markets, Inc., as Joint Lead Arrangers and Lead Bookrunners.

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Source: SEC EDGAR

accession 0001104659-23-040702

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