Valaris prices $700M 8.375% senior secured second lien notes due 2030, upsized from $600M

Valaris Ltd

$700M aggregate principal of 8.375% Senior Secured Second Lien Notes due 2030, priced at par, upsized from $600M.
Net proceeds of ~$685M to redeem all outstanding Senior Secured First Lien Notes due 2028 and for general corporate purposes.
Also entered into a $375M five-year senior secured revolving credit facility on April 3, 2023, cross-conditioned with the offering.
Closing expected April 19, 2023, subject to customary conditions.

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