Valaris to price $600 million seven-year secured notes on Tuesday, whisper is 8¾% to 9%

By Paul A. Harris

Portland, Ore., April 3 – Valaris Ltd. and Valaris Finance Co. LLC began a two-day roadshow on Monday for a $600 million offering of seven-year senior secured second-lien notes (B2/BB-/BB-), according to market sources.

The notes are in the market with 8¾% to 9% yield whisper, according to a source close to the deal who added that official talk is expected on or shortly after midday Tuesday, with pricing set for later in the same day.

The Rule 144A and Regulation S notes come with three years of call protection.

Citigroup Global Markets Inc. is the left physical bookrunner. Deutsche Bank Securities Inc. and DNB are joint physical bookrunners. Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. LLC are joint bookrunners.

The Bermuda-based offshore drilling company plans to use the proceeds to redeem all of its outstanding senior secured first-lien notes due 2028 and for general corporate purposes.

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