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Valaris Announces Additional Support for Restructuring and Extension

Source: www.gulfoilandgas.com 9/11/2020, Location: Europe

Valaris plc announced that holders of over 70% in aggregate principal amount of its senior notes (the “Consenting Noteholders”) have now executed the Restructuring Support Agreement (the “RSA”) and Backstop Commitment Agreement (the “BCA”). The Company originally entered into the RSA and BCA on August 18, 2020, with holders of approximately 50% in aggregate principal amount of its senior notes.

The RSA and the BCA contemplate, among other items, the full equitization of the Company’s pre-petition revolving credit facility and unsecured notes, a fully backstopped rights offering to noteholders for $500 million of new secured notes, the effective cancellation of existing equity interests in the Company in exchange for, in certain circumstances, warrants for post-emergence equity and payment of trade claims in full in cash.

The RSA provides that, from the date thereof until September 10, 2020 (the “Joinder Period”), qualified noteholders, including the Consenting Noteholders, shall be eligible to become backstop parties under the BCA. On September 10, 2020, the Company agreed with the requisite Consenting Noteholders to extend the expiration of the Joinder Period to September 14, 2020, at 11:59 p.m. Eastern Time.

The Company looks forward to working with its other creditors and stakeholders who have not signed the RSA to advance the Company’s efforts to restructure its balance sheet.

Kirkland & Ellis LLP and Slaughter and May are serving as legal advisors to Valaris in connection with the restructuring. Lazard Ltd. is serving as Valaris’ investment banker and Alvarez & Marsal North America LLC as its restructuring advisor. Kramer Levin Naftalis & Frankel LLP and Akin Gump Strauss Hauer & Feld LLP are serving as legal advisors to the Consenting Noteholders, and Houlihan Lokey Inc. is serving as financial advisor.

Court filings and other information related to the Court-supervised proceedings are available at a website administered by the Company's claims agent, Stretto, http://cases.stretto.com/Valaris. Questions should be directed to our dedicated restructuring hotline 855-348-2032 (Toll-Free) or +1 949-266-6309 (International).

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