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25 May 2021 / deal

Loyens & Loeff advises ad-hoc group of bondholders in the Valaris group debt restructuring

Loyens & Loeff Luxembourg advised the ad-hoc group of noteholders in connection with the Valaris group’s restructuring implemented through a US Chapter 11 proceeding.

Valaris restructuring deal - Offshore Jack Up Rig

Loyens & Loeff Luxembourg advised the ad-hoc group of noteholders in connection with the Valaris group’s restructuring implemented through a US Chapter 11 proceeding which resulted in restructuring of USD 7.1 billion in debt and securing a USD 520 million capital injection for the group. The restructuring involved an equitization of the outstanding debt liabilities, the provision of a debtor-in-possession facility by the ad hoc group of noteholders and the issuance of new secured notes.

Valaris is the world's largest offshore drilling company by fleet size.

In connection with the restructuring of the Valaris group, the financial restructuring team, as well as the capital markets team, led by Anne-Marie Nicolas and Cédric Raffoul and supported by Richard Steichen and Tapobrata Mukhopadhyay drafted and negotiated the Luxembourg security package, as well as negotiated and reviewed various finance documents such as the DIP agreement, the Notes Indenture, the foreign security package and the Luxembourg corporate approvals in connection with Valaris’ numerous Luxembourg subsidiaries acting as guarantors to the notes.



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