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 $700 million aggregate principal amount of 8.375% senior secured second-lien notes due 2030. Valaris Limited used the net proceeds of the offering to redeem in full the outstanding principal amount of its existing senior secured first-lien notes due 2028 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 partner Michael Kaplan, counsel Hillary A. Coleman and associate Courtney Y. Sohn. The finance team included partner Kenneth J. Steinberg, counsel Zachary R. Frimet and associates Jeffrey Hon and Chinelo Krystal Okonkwo. 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.