The high-yield senior secured second-lien notes are due 2030

Davis Polk advised the representative of the several initial purchasers in connection with a Rule 144A / Regulation S offering by Valaris Limited and Valaris Finance Company LLC of $400 million aggregate principal amount of 8.375% senior secured second-lien notes due 2030. The notes offered are a reopening of the $700 million 8.375% senior secured second-lien notes due 2030 issued by Valaris Limited and Valaris Finance Company LLC on April 19, 2023.

Valaris Limited intends to use the net proceeds of the offering to finance the aggregate purchase price for the drillships VALARIS DS-13 and VALARIS DS14, and intends to use the remainder of the proceeds from the offering for general corporate purposes.

Valaris Limited is an industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris Limited has experience operating in nearly every major offshore basin. Valaris Limited is a Bermuda exempted company.

The Davis Polk capital markets team included partners Michael Kaplan and Hillary A. Coleman and associate Brad Larkin. The finance team included partner Kenneth J. Steinberg, counsel Zachary R. Frimet and associate Jeffrey Hon. Partner Kara L. Mungovan and associate Benjamin Helfgott provided tax advice. Counsel Michael Comstock provided environmental advice. All members of the Davis Polk team are based in the New York office.