Valaris Ltd (VAL): debt financing — Valaris closes $700M 8.375% second lien notes due 2030; $375M revolver available

Valaris Ltd

Issued $700M 8.375% Senior Secured Second Lien Notes due 2030; net proceeds ~$685M used to redeem all outstanding 2028 First Lien Notes.
Also closed $375M five-year senior secured revolving credit facility; commitments available immediately.
Notes secured by second-priority liens on vessels, insurance, equity pledges; guaranteed by certain subsidiaries.
Interest payable semi-annually; redemption prices from 104.188% in 2026 to par after 2028.
Proceeds may also be used for share repurchases, acquisitions, and general corporate purposes.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 1.0

Valaris Ltd incurred senior notes of $700 million aggregate principal amount with Wilmington Savings Fund Society, FSB at 8.375% maturing April 30, 2030.

Instrument: senior notes
Principal: $700 million aggregate principal amount
Counterparty: Wilmington Savings Fund Society, FSB
Rate: 8.375%
Maturity: April 30, 2030
Event: incurrence

Exact text from the filing

On April 19, 2023, Valaris Limited (the “Company”) and Valaris Finance Company LLC (“Valaris Finance” and, together with the Company, the “Issuers”) issued $700 million aggregate principal amount of 8.375% Senior Secured Second Lien Notes due 2030

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

Valaris Ltd entered into Indenture with Wilmington Savings Fund Society, FSB valued at $700 million aggregate principal amount (effective 2023-04-19).

Action: entry
Agreement: notes offering
Counterparty: Wilmington Savings Fund Society, FSB
Value: $700 million aggregate principal amount
Effective: 2023-04-19

Exact text from the filing

The Notes are governed by an Indenture, dated as of April 19, 2023 (the “Indenture”), entered into among the Issuers, certain subsidiaries of the Company named therein (the “Guarantors”) and Wilmington Savings Fund Society, FSB, as trustee (the “Trustee”) and collateral trustee (the “Collateral Trustee”).

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Valaris Ltd filing history →

Source: SEC EDGAR

accession 0001104659-23-047250

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