---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-093930"
form_type: "8-K"
ticker: "VAL"
cik: "0000314808"
company_name: "Valaris Ltd"
filed_at: "2023-08-21T23:59:59+00:00"
generated_at: "2026-06-11T06:33:26.351427+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Valaris issues $400M of 8.375% Senior Secured Second Lien Notes due 2030 to fund drillship purchases

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-23-093930
- form_type: 8-K
- ticker: VAL
- cik: 0000314808
- company_name: Valaris Ltd
- filed_at: 2023-08-21T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/314808/000110465923093930/0001104659-23-093930-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/314808/000110465923093930/tm2324274d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-093930
- JSON: https://secwatch.observer/filing/0001104659-23-093930.json
- Plain text: https://secwatch.observer/filing/0001104659-23-093930.txt

## Key facts
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/314808/000110465923093930/0001104659-23-093930-index.htm

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