Valaris plc (the “Company”) has elected not to make the approximately $13.3 million interest payment (the “Interest Payment”) due and payable on June 15, 2020 with respect to its 7.375% Senior Notes due 2025 (the “Notes”). Under the indenture governing the Notes, the Company has a 30-day grace period to make the Interest Payment before such non-payment constitutes an “event of default” with respect to the Notes. The Company has elected to enter into the 30-day grace period, which expires on July 15, 2020. As of June 12, 2020, the Company had approximately $208 million in cash, in addition to available borrowing capacity under its revolving credit facility. The Company continues to have discussions with its lenders and bondholders regarding the terms of a potential comprehensive restructuring of its indebtedness.
The information in this Current Report on Form 8-K is being “furnished” pursuant to Item 7.01 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and is not incorporated by reference into any Company filing, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Source: Valaris 8-K Filing Report
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