Shares of Valaris Limited (VAL), an offshore drilling contractor, are falling more than 4% Tuesday morning at $72.35.
On Monday, the company priced the $400 million 8.375% Senior Secured Notes due 2030.
The offering, expected to conclude on August 21, was upsized to $400 million of Notes from the original $350 million.
Valaris intends to use the net proceeds of the offering to buy drillships VALARIS DS-13 and VALARIS DS-14, and for general corporate purposes.
VAL has traded in the range of $45.81 - $80.00 in the last 1 year.
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