The downturn in the drilling sector now has consequences for drilling company Valaris, which postpones interest payments totaling nearly USD 26 million on two revolving credit facilities.
A notice to the US Securities and Exchange Commission (SEC) reveals that Valaris has elected to enter into a 30-day grace period on two loans set to mature in 2022 and 2042, respectively. The interest payments were due on June 1. The interest payment is split between USD 15.1 million on one loan and USD 10.8 million on the other.
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