Sep 2023
Conyers advised on the Bermuda law aspects of Valaris Limited’s private placement of $400 million in aggregate principal amount of additional 8.375% Senior Secured Second Lien Notes due 2030.
These additional notes will constitute a further issuance of Valaris’ 8.375% Senior Secured Second Lien Notes due 2030 in the aggregate principal amount of $700 million, which were issued on 19 April 2023. The additional notes will form a single series with the existing notes and have the same terms (other than the initial offering price).
Valaris Limited is a Bermuda exempted company listed on the New York Stock Exchange (NYSE: VAL). It is an industry leader in offshore drilling services.
Directors Jennifer Panchaud and Marcello Ausenda (Bermuda), Counsel Karoline Tauschke (London), and Associates Hailey Edwards and Nicole Yearwood (Bermuda) advised on the transaction, which completed on 21 August 2023, working alongside Gibson, Dunn & Crutcher LLP.
More information is available in the company press release:
https://www.valaris.com/news/news-details/2023/Valaris-Limited-Announces-Pricing-of-400-Million-Upsized-Private-Placement-of-Additional-8.375-Senior-Secured-Second-Lien-Notes-Due-2030/default.aspx