Valaris talks $600 million seven-year secured notes to yield in 8½% area; pricing Tuesday

By Paul A. Harris

Portland, Ore., April 4 – Valaris Ltd. and Valaris Finance Co. LLC talked their $600 million offering of seven-year senior secured second-lien notes (B2/BB-/BB-) to yield in the 8½% area, according to a market source.

Official talk comes inside of the 8¾% to 9% yield whisper.

Books close at 2 p.m. ET Tuesday, and the Rule 144A and Regulation S deal is set to price thereafter.

The 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.

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