VAL - Valaris launches $600M in senior notes offering delivers conditional redemption notice signs credit agreement
2023-04-03 13:37:23 ET
- Valaris ( NYSE: VAL ) and its wholly-owned subsidiary, Valaris Finance plans to offer for sale to eligible purchasers in a private placement, $600M in principal amount of senior secured second lien notes due 2030.
- Net proceeds to be used for funding the redemption of all of its outstanding Senior Secured First Lien Notes due 2028 and for general corporate purposes.
- The company also delivered a notice of conditional redemption for all of the First Lien Notes at a redemption price equal to 104.00% of the principal amount of the First Lien Notes; redemption date is May 3, 2023.
- Valaris entered into a senior secured 5-year credit agreement which provides for commitments permitting borrowings of up to $375M.
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Valaris launches $600M in senior notes offering, delivers conditional redemption notice, signs credit agreement