Valaris Ltd (VAL): debt financing — Valaris issues $400M of 8.375% Senior Secured Second Lien Notes due 2030 to fund drillship purchases

Valaris Ltd

Issued $400M aggregate principal of 8.375% Senior Secured Second Lien Notes at 100.75% of par, net proceeds ~$396M.
Proceeds to finance ~$337M purchase of drillships VALARIS DS-13 and DS-14, with delivery by Dec 31, 2023, and for general corporate purposes.
Additional Notes rank equally with existing $700M notes issued April 2023, same terms, mature April 30, 2030.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Valaris Ltd incurred senior notes of $400 million aggregate principal amount with Wilmington Savings Fund Society, FSB at 8.375% maturing 2030.

Instrument: senior notes
Principal: $400 million aggregate principal amount
Counterparty: Wilmington Savings Fund Society, FSB
Rate: 8.375%
Maturity: 2030
Event: incurrence

Exact text from the filing

On August 21, 2023, Valaris Limited (the "Company") and Valaris Finance Company LLC ("Valaris Finance" and, together with the Company, the "Issuers") issued $400 million aggregate principal amount of additional 8.375% Senior Secured Second Lien Notes due 2030 (the "Additional Notes") in a private placement

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Valaris Ltd filing history →

Source: SEC EDGAR

accession 0001104659-23-093930

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