Valaris prices $400M upsized 8.375% senior secured notes due 2030 for drillship purchases

Valaris Ltd

Issued $400M in additional 8.375% Senior Secured Second Lien Notes due 2030 at 100.75% of par.
Upsized from original $350M offering; net proceeds ~$396M after discount and expenses.
Proceeds to fund ~$337M purchase of drillships VALARIS DS-13 and DS-14, with delivery option by Dec 31, 2023.
Closing expected August 21, 2023; notes form a single series with $700M existing notes issued April 19, 2023.

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