Valaris Skips $13.3M Interest Payment

Offshore drilling contractor Valaris said Monday it had elected not to make the $13.3 million interest payment due on June 15, 2020, related to its 7.375% Senior Notes due 2025.

The offshore drilling company, which had more than $6.5 billion of debt at the end of the first quarter, said that under the arrangement 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.”

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