Valaris Limited Announces Pricing Of $400M Upsized Private Placement Of Additional 8.375% Senior Secured Second Lien Notes Due 2030
Portfolio Pulse from Happy Mohamed
Valaris Limited (NYSE:VAL) has announced the pricing of a $400 million private placement of additional 8.375% Senior Secured Second Lien Notes due 2030. The offering was upsized from the original $350 million. The proceeds will be used to finance the purchase of drillships VALARIS DS-13 and VALARIS DS-14, and for general corporate purposes. The securities have not been registered under the Securities Act and will be sold only to qualified institutional buyers and persons outside the United States.
August 07, 2023 | 9:14 pm
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Valaris Limited's upsized private placement could provide the necessary funds for strategic acquisitions and general corporate purposes, potentially strengthening the company's position.
The upsized private placement indicates that Valaris Limited is able to attract significant investment. This could provide the company with the necessary funds to finance the purchase of strategic assets and for general corporate purposes, which could potentially strengthen the company's position in the market.
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