Valaris plans $350M add-on of 8.375% notes to fund drillship purchases

Valaris Ltd

Issuers will offer $350M additional 8.375% Senior Secured Second Lien Notes due 2030.
Net proceeds to finance ~$337M purchase of drillships VALARIS DS-13 and DS-14 by Dec 31, 2023.
Notes form a single series with existing $700M notes issued April 2023.
If drillship purchase not exercised, proceeds used for general corporate purposes.
Offering is private placement under Rule 144A/Reg S.

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