---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-047250"
form_type: "8-K"
ticker: "VAL"
cik: "0000314808"
company_name: "Valaris Ltd"
filed_at: "2023-04-19T23:59:59+00:00"
generated_at: "2026-06-16T23:56:52.084124+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Valaris closes $700M 8.375% second lien notes due 2030; $375M revolver available

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-23-047250
- form_type: 8-K
- ticker: VAL
- cik: 0000314808
- company_name: Valaris Ltd
- filed_at: 2023-04-19T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/314808/000110465923047250/0001104659-23-047250-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/314808/000110465923047250/tm2313199d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-047250
- JSON: https://secwatch.observer/filing/0001104659-23-047250.json
- Plain text: https://secwatch.observer/filing/0001104659-23-047250.txt

## Key facts
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/314808/000110465923047250/0001104659-23-047250-index.htm
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/314808/000110465923047250/0001104659-23-047250-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.