secwatch.observer — SEC 8-K summary
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Issuer:     Valaris Ltd (VAL)
CIK:        0000314808
Form:       8-K
Filed at:   2023-08-08T23:59:59+00:00
Accession:  0001104659-23-088831
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/314808/000110465923088831/0001104659-23-088831-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/314808/000110465923088831/tm2322507d4_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-088831

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