secwatch.observer — SEC 8-K summary
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Issuer:     Valaris Ltd (VAL)
CIK:        0000314808
Form:       8-K
Filed at:   2023-04-05T23:59:59+00:00
Accession:  0001104659-23-042197
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/314808/000110465923042197/0001104659-23-042197-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/314808/000110465923042197/tm2311801d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-042197

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