Past year: ▲ 46%(50.40 – 101.98 USD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Aug 2023capital raising announcement● NeutralMajor
The offer was priced and upsized from $350M to $400M of additional 8.375% second lien notes due 2030, issued at 100.75% of par, for net proceeds of about $396M; closing was expected August 21, 2023. Use of proceeds is unchanged: buying DS-13 and DS-14 (about $337M) and general corporate purposes. This adds to Valaris's debt.
7 Aug 2023capital raising announcement● NeutralMajor
Valaris announced it plans to sell $350M of additional 8.375% second lien notes due 2030, on top of the $700M issued in April 2023, subject to market conditions. It says proceeds would fund the roughly $337M purchase of drillships DS-13 and DS-14 (it intends to exercise its delivery options by Dec 31, 2023) and general corporate purposes.
5 Apr 2023capital raising announcement● NeutralMajor
On April 4, 2023 Valaris priced the second lien notes offering at $700 million, upsized from the $600 million announced a day earlier. The notes carry an 8.375% coupon, mature April 30, 2030, and were sold at par for about $685 million net, with closing expected April 19, 2023. Proceeds are to fund the redemption of the 2028 first lien notes and for general corporate purposes. The deal is tied to the new revolver becoming available.
10 Jan 2018capital raising announcement● NeutralMajor
Ensco launched an underwritten offering of senior unsecured notes due 2026 (size not stated in the text) and, at the same time, cash tender offers to buy back up to $492.5 million of Pride's 8.50% 2019 notes, Pride's 6.875% 2020 notes and Ensco's 4.70% 2021 notes, with no more than $235 million spent on the 2020 and 2021 notes combined. Ensco says it intends to use the net proceeds of the new notes to fund the buyback, plus general corporate purposes. This is the follow-on to the exchange/tender offers for these same notes listed as pending in the history; the tender offers expire Feb 7, 2018, and there is no assurance they will be completed.
12 Dec 2016capital raising announcement● NeutralMajor
Ensco sold $849.5 million of 3.00% exchangeable senior notes due 2024 (issued by its subsidiary Ensco Jersey Finance and guaranteed by Ensco) to institutional buyers, closing December 12, 2016, for net proceeds of about $825.0 million. The notes can be exchanged for Class A shares at an initial price of about $14.02 per share (71.3343 shares per $1,000), so they could add shares if exchanged, though Ensco may choose to pay cash or shares. Proceeds are meant to fund the cash portion of previously announced exchange offers for its 4.70% 2021 notes and Pride's 8.50% 2019 and 6.875% 2020 notes, to repurchase or refinance other debt, and for general corporate purposes. This also satisfies the financing condition for those exchange offers.
