ESV - Ensco Rowan: Post-Tender Valuation Update
Ensco Rowan (ESV) to be renamed Valaris (VAL) announced a successful tender offer of its Senior Notes last week. Due to an abundance of participation by Senior Note holders in the tender offer, management chose to increase the tendered amount from $600.0 million to $724.1 million at a weighted average cost of 76.1% of par value thereby reducing outstanding debt principal by $951.8 million. The table below shows tendered amounts, annual interest savings, and yield-to-maturity of the various note classes at the tendered price.
(Source: Company press release and Author calculations)
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