Valaris issues notice of redemption for first-lien notes due 2028

By William Gullotti

Buffalo, N.Y., April 3 – Valaris Ltd. and its wholly owned subsidiary Valaris Finance Co. LLC have cross-conditioned two transactions on the successful completion of its $600 million placement of senior secured second-lien notes due 2030, according to a press release on Monday.

The company delivered a redemption notice to holders of its outstanding senior secured first-lien notes due April 30, 2028, conditioned upon the completion of the aforementioned Rule 144A and Regulation S placement.

The redemption is intended to be funded by the placement.

If the condition is satisfied or waived, the notes will be redeemed at 104 plus accrued and unpaid interest to the May 3 redemption date.

Wilmington Savings Fund Society, FSB is the trustee and paying agent for the first-lien notes.

Valeris also signed a senior secured five-year credit agreement, permitting borrowings of up to $375 million, which is also cross-conditioned on the completion of the new notes offering.

Commitments will only become available for borrowing upon completion of the placement and redemption or discharge of the first-lien notes. The cross-condition may not be unilaterally waived by Valeris.

Valaris is a Bermuda-based offshore drilling company.

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