Valaris driving by with $350 million tap of 8 3/8% secured notes due 2030, initial talk par area

By Paul A. Harris

Portland, Ore., Aug. 7 – Valaris Ltd. plans to price a $350 million add-on to the Valaris Finance Co. LLC 8 3/8% senior secured second-lien notes due April 30, 2030 (B2/BB) in a Monday drive-by, according to market sources.

Initial price talk is in the par area.

The Rule 144A and Regulation S notes are subject to their first call on April 30, 2026 at 104.188.

Deutsche Bank Securities Inc. is leading the add-on.

The offshore drilling services company plans to use the proceeds to fund the purchase of drillships Valaris DS-13 and Valaris DS-14 for $337 million, and for general corporate purposes. In the event that the purchases of either one or both drillships fails to close, proceeds will be used for general corporate purposes.

Valaris is registered in Hamilton, Bermuda.

The original $700 million issue priced in April 2023.

The add-on notes will immediately become fungible with the original notes.

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